Analysts at Scotiabank explained that EUR/USD has stabilized the early summer downtrend around 1.15 it would appear but argued that there is little incentive to push the EUR significantly higher at this point.
Key Quotes:
“Eurozone PMI data were constructive, however; Italian and German service sector activity picked up more than expected in Jun (French data was a little softer but still firm), boosting the Eurozone reading to 55.2 (against 55.0 expected) and helping boost the composite indicator to 54.9 (54.8 expected).”
“The turn up in the PMIs, which had been trending lower since the start of the year, suggests moderating European growth trends are perhaps stabilizing. Spot showed little reaction to the data.”
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