EUR/USD up 0.38%. Eurozone manufacturing PMI at 51.5 in May.

EUR/USD rose during European session today. As of 1:00 PM EDT the pair was trading at 1.1172, which is 0.38% higher than the previous close.

European shares finished lower today. Below is presented the performance of major indices:

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  • FTSE 100 closed at 6,191.93, down 0.62%.
  • CAC 40 lost 0.67% finishing at 4,475.39.
  • Euro Stoxx 50 was trading at 3,038.77 as of 5:50 PM GMT, which represents 0.81% decline from the previous close.

According to the data released today, the Eurozone manufacturing PMI dropped to its three-month low in May. The PMI stood at 51.5 in May, down from 51.7 in previous month.

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“Manufacturing in the euro area remained stuck in a state of near-stagnation in May, failing to break out of the slow growth phase that has plagued producers since February. The disappointing performance of manufacturing adds to suspicions that the pace of eurozone economic growth in the second quarter has cooled after a surprisingly brisk start to the year based on the latest estimate of GDP” said Chris Williamson from Markit.

Oil prices were trading lower throughout the day. As of 12:49 PM EDT the WTI Crude was trading at 48.85 USD/bbl down 0.51% and Brent Crude at 49.68 USD/bbl, which is 0.42% lower than the previous close.

“I think if we see crude go back to the $55-$60 level we’re going to see rigs going back to work…and I think they’re confident that the bottom is really in this time. I think you’ll see rigs deploy and capital deploy and the real question is how quickly they can get labor back” said Bob McNally, president of the Rapidan Group.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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