Investing.com - The euro fell to a seven-day low against the U.S. dollar on Wednesday, after weak euro zone PMI data and disappointing German business confidence data weighed on demand for the single currency.
EUR/USD hit 1.2922 during European morning trade, the pair’s lowest since October 15; the pair subsequently consolidated at 1.2928, down 0.44%.
The pair was likely to find support at 1.2834, the low of October 10 and resistance at 1.2996, the session high.
Markit said that its flash euro zone manufacturing purchasing managers’ index fell 45.3 in October from a final reading of 46.1 in September.
Analysts had expected the index to ease up to 46.6 in October.
A separate report showed that the euro zone’s service’s PMI inched up to 46.2 in October from 46.1 last month.
Germany’s flash manufacturing PMI fell to 45.7 in October, from a final reading of 47.4 in September, disappointing expectations for an improvement to 48.0.
France’s flash manufacturing PMI rose to 43.5 in October, from a final reading of 42.7 in September, compared to expectations for a reading of 44.0.
Elsewhere, a report by German research institute Ifo showed that its business climate index fell to100.0 in October, the lowest level since March 2010, from a reading of 101.4 in September.
The euro had found some support earlier after a report showed that China's HSBC manufacturing PMI came in at 49.1 in October, compared with a final reading of 47.9 in September.
The euro was lower against the pound and the yen, with EUR/GBP down 0.50% to 0.8100 and EUR/JPY falling 0.62% to 103.06.
Later Wednesday, the Federal Reserve was to announce its benchmark interest rate and release its first monetary policy statement since the central bank announced a third round of quantitative easing in September. The U.S. was to release official data on new home sales.
Meanwhile, European Central Bank President Mario Draghi was to attend a meeting in Germany’s central bank, which was to be followed by a press conference.
EUR/USD hit 1.2922 during European morning trade, the pair’s lowest since October 15; the pair subsequently consolidated at 1.2928, down 0.44%.
The pair was likely to find support at 1.2834, the low of October 10 and resistance at 1.2996, the session high.
Markit said that its flash euro zone manufacturing purchasing managers’ index fell 45.3 in October from a final reading of 46.1 in September.
Analysts had expected the index to ease up to 46.6 in October.
A separate report showed that the euro zone’s service’s PMI inched up to 46.2 in October from 46.1 last month.
Germany’s flash manufacturing PMI fell to 45.7 in October, from a final reading of 47.4 in September, disappointing expectations for an improvement to 48.0.
France’s flash manufacturing PMI rose to 43.5 in October, from a final reading of 42.7 in September, compared to expectations for a reading of 44.0.
Elsewhere, a report by German research institute Ifo showed that its business climate index fell to100.0 in October, the lowest level since March 2010, from a reading of 101.4 in September.
The euro had found some support earlier after a report showed that China's HSBC manufacturing PMI came in at 49.1 in October, compared with a final reading of 47.9 in September.
The euro was lower against the pound and the yen, with EUR/GBP down 0.50% to 0.8100 and EUR/JPY falling 0.62% to 103.06.
Later Wednesday, the Federal Reserve was to announce its benchmark interest rate and release its first monetary policy statement since the central bank announced a third round of quantitative easing in September. The U.S. was to release official data on new home sales.
Meanwhile, European Central Bank President Mario Draghi was to attend a meeting in Germany’s central bank, which was to be followed by a press conference.