EUR – The euro slid across the board on Thursday as weaker-than expected German and French PMI data showed that the eurozone economy is struggling to gain traction, prompting traders to trim bets on big rate-hike moves from the European Central Bank.
Commenting on the outlook for EURUSD with respect to today’s data, analysts at Reuters explained that “the (PMI) manufacturing/services ratio tends to be a good barometer for pro-cyclical currencies. The ratio has sharply dropped relative to the US. This dynamic is typically consistent with further US dollar resilience. This could be bolstered as recession fears mount.”
Commenting on the outlook for EURUSD with respect to today’s data, analysts at Reuters explained that “the (PMI) manufacturing/services ratio tends to be a good barometer for pro-cyclical currencies. The ratio has sharply dropped relative to the US. This dynamic is typically consistent with further US dollar resilience. This could be bolstered as recession fears mount.”
