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Eurozone Preliminary Manufacturing PMI hits a record low of 33.6 in April, EUR/USD re-takes 1.08

Written by By Dhwani Mehta | 2020-04-23 08:02:16 GMT
  • Eurozone Manufacturing PMI arrives at 33.6 in April vs. 39.2 expected.
  • Eurozone Services PMI stands at 11.7 in April vs. 23.8 expected.

The Eurozone manufacturing sector witnessed the sharpest deterioration ever this month, the latest manufacturing activity survey from IHS/Markit research showed on Thursday.

The Eurozone manufacturing purchasing managers index (PMI) came in at an all-time low of  33.6 in April vs. 39.2 expected and 44.5 last while the Services PMI hit a record low of 11.7 in the reported month vs. 23.8 expected and 26.4 last.

The IHS Markit Eurozone PMI Composite slumped to 13.5 in April (record low) vs. 25.7 expected.

Comments from Chris Williamson, Chief Business Economist at IHS Markit

“April saw unprecedented damage to the eurozone economy amid virus lockdown measures coupled with slumping global demand and shortages of both staff and inputs.”

“The extent to which the PMI survey has shown business to have collapsed across the eurozone greatly exceeds anything ever seen before in over 20 years of data collection. The ferocity of the slump has also surpassed that thought imaginable by most economists, the headline index falling far below consensus estimates.”

FX implications

The shared currency pays little heed to the terrible Euro area PMI readings, as EUR/USD attempts a tepid bounce above 1.0800.

EUR/USD technical levels to watch

EUR/USD

Overview
Today last price 1.0801
Today Daily Change -0.0037
Today Daily Change % -0.34
Today daily open 1.0823
 
Trends
Daily SMA20 1.0917
Daily SMA50 1.0958
Daily SMA100 1.1024
Daily SMA200 1.1047
 
Levels
Previous Daily High 1.0885
Previous Daily Low 1.0803
Previous Weekly High 1.0991
Previous Weekly Low 1.0812
Previous Monthly High 1.1497
Previous Monthly Low 1.0636
Daily Fibonacci 38.2% 1.0835
Daily Fibonacci 61.8% 1.0854
Daily Pivot Point S1 1.0789
Daily Pivot Point S2 1.0755
Daily Pivot Point S3 1.0707
Daily Pivot Point R1 1.0871
Daily Pivot Point R2 1.0919
Daily Pivot Point R3 1.0953

 

 

Author

By Dhwani Mehta
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