The EUR/USD pair is currently trading around 1.17337. Markets showed moderate volatility in reaction to eurozone PMI releases as well as in anticipation of the data, which had previously served as a reference point for investors. The pair has pulled back from local highs, as the impulses from the PMI readings were not strong enough to sustain upward momentum.
Source: xStation5
What is shaping EUR/USD today?
Eurozone flash PMI results
The most important factor influencing EUR/USD today is the PMI data from the major European countries and the eurozone as a whole. In Germany, both the manufacturing and services indices came in above forecasts, initially supporting the euro. In France, the services sector showed weaker results, limiting positive sentiment. Across the eurozone, PMI readings confirmed moderate expansion, although the pace of growth in services slowed compared to previous releases. These mixed results did not provide a clear fundamental signal for the euro, leaving EUR/USD consolidating around current levels.
Market sentiment and geopolitical risks
Another factor affecting the pair is dollar sentiment, influenced by global and geopolitical developments. In recent days, the US Dollar Index (DXY) showed relative weakness, partly due to tensions between the US and the EU and shifts in the tone of political communications, which temporarily limited the dollar’s strength. These circumstances supported a rebound in EUR/USD from lower levels; however, the lack of a strong macroeconomic impulse meant that gains remained moderate and limited.
Key takeaways
PMI data indicate moderate growth in the eurozone. The EUR/USD market remains under the influence of a mix of positive and negative signals. The pair may continue trading within its current range or attempt a slight upward rebound if German PMI continues to provide strong support for the euro.
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