The Euro (EUR) is little changed on the session, notes Shaun Osborne, Chief FX Strategist at Scotiabank.
PMI revisions disappoint
“Final Eurozone Composite and Services PMI data were slightly worse than the preliminary reading for August. Data from Spain and Italy were mostly better than July’s data, but missed expectations. Composite data from France were revised up slightly, while data from Germany were revised down slightly.”
“The data did not have a significant impact on spot trading, but the slow growth momentum in the Eurozone may limit the EUR’s ability to take full advantage of a weak USD once the Fed’s easing cycle kicks in. Spot remains technically soft after peaking around the 1.12 mark late last month.”
“But EUR losses are showing signs of stabilising around the mid-1.10 area, which is roughly equivalent to the 1.1040 retracement support point (38.2% of EUR rally in August). Short-term price action suggests that a minor low may have been reached yesterday on the rapid drop below 1.1030. Resistance and minor upside trigger is 1.1100/05.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
