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— more to come

Markit’s preliminary Manufacturing Purchasing Managers’ for February was expected to drop from 45.3 to 44.8 points – below the 50-point threshold separating expansion and contraction. The Services PMI was projected to slide from 54.2 to 53.8 points.

Earlier, the French Manufacturing PMI dropped to 49.7, worse than 50.7 expected. The Services PMI in the euro area’s largest economy jumped to 52.6 against 51.3 expected. 

EUR/USD has been consolidating its losses around 1.08 ahead of the publication. The US dollar has been storming the board amid coronavirus fears, upbeat American economic performance, and the Federal Reserve’s reluctance to cut rates.