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Market News EUR/USD Remains above 1.0700 Due to the Weakened US Dollar and Positive Eurozone PMI

EUR/USD Remains above 1.0700 Due to the Weakened US Dollar and Positive Eurozone PMI

On Wednesday, the EUR/USD pair fluctuates near 1.0700 due to the weakening US Dollar. Flash PMIs for the Eurozone indicated that the economy regained momentum for recovery in April. According to S&P Global, business activity in the United States expanded in April, albeit at a slower rate than in March.

TOP1 Markets Analyst
2024-04-24
6260

EUR:USD 2.png 

 

The EUR/USD pair maintains its position above the psychological barrier of 1.0700 throughout Wednesday's early Asian session. The April US PMI data, which were weaker than anticipated, depreciates the Greenback and generates a tailwind for EUR/USD. Investors are anticipated to place greater reliance on the IFO business sentiment index and expectations from Germany, in addition to the US March Durable Goods Orders.

 

According to the most recent Purchasing Managers Index (PMI) survey by the HCOB, which was released on Tuesday, European business activity expanded at its strongest rate in nearly a year in April, led by a strong revival in the bloc's largest service sector. In April, the HCOB Eurozone PMI Composite rose to 51.4, surpassing the consensus estimate of 50.8, which was recorded in March at 50.3. The level of the reading was the highest in nine months.

 

In contrast, the bloc's Services PMI increased to 52.9 in April, surpassing market expectations of 51.8, from 51.5 in March, marking its highest level in eleven months. The Eurozone Manufacturing PMI for April was 45.6, which was lower than the anticipated 46.5, and compared to the reading of 46.1 in March. A number of purchasers are drawn to the Euro (EUR) in contrast to the Dollar (USD) in light of the data. Nonetheless, the European Central Bank's (ECB) dovish posture could restrict the upside potential of the major pair.

 

Multiple times this year, ECB policymakers emphasized the necessity of reducing interest rates, despite the fact that elevated US inflation delays a shift to a broader monetary policy by the US Federal Reserve (Fed) and Middle Eastern tensions maintain high oil prices. According to ECB President Christine Lagarde, the central bank may reduce its deposit rate from a record-high 4% in June; however, the bank has not ruled out the possibility of taking additional action.

 

The preliminary S&P Global Composite PMI for the United States, which monitors the services and manufacturing sectors, decreased from 52.1 to 50.9 in April on Tuesday. In contrast, the Manufacturing PMI experienced a decline from 51.9 in the previous reading to 49.9 in April, which was below the consensus estimate of 52.0. The Services PMI fell to 50.9 from 51.7 previously, which was below the anticipated 52.0. According to the reports, business activity in the United States maintained its upward trend in April, albeit at a more moderate rate compared to March. The unfavorable data places pressure on the US Dollar (USD) and restricts the increase in EUR/USD.

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