23 February 2024, EUR/USD
EURUSD:
EUR/USD is consolidating after a volatile session triggered by the release of European and US Purchasing Managers' Index (PMI) data on Thursday. The Euro (EUR) stabilized as investors processed mixed data on European Union (EU) private sector business activity. The pair consolidated around the 1.0825 area.
In the Eurozone, the disinflationary trend persists as Eurozone and German PMI data for February was mixed. While the preliminary Eurozone and German services PMIs rose, the manufacturing PMIs fell short of market expectations.
Reports from the ECB's monetary policy meetings in January showed that policymakers remained cautious about easing monetary policy. They agreed that it is premature to discuss rate cuts at the current meeting. ECB policymakers recognized progress on inflation, showing more optimism than in previous years. They also emphasized that a rate cut is not automatically warranted even if the ECB revises its March inflation forecasts downward.
The U.S. Dollar Index (DXY) is hovering near 103.90, supported by rising U.S. bond yields, which at the time of writing stand at 4.71% and 4.33% for 2-year and 10-year U.S. Treasuries, respectively. In addition, the US Dollar (USD) received upward support on Thursday thanks to good US employment data.
As for the PMI data, the S&P Global US Services PMI came in at 51.3 in February, slightly below expectations of 52.0 and the previous reading of 52.5. However, the manufacturing PMI improved to 51.5, above expectations of 50.5 and the previous reading of 50.7.
Trade recommendation: At the price level above 1.0845 we consider buy orders
Connect to the Cashback service, trade and get a spread refund of up to $20! The offer is available until April 30!
id 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 
ms 