Analysts at Scotiabank explained the current environment surrounding EUR/USD.
“Eurozone PMI data reflected slightly better than expected manufacturing trends but a little weaker than expected activity in services – and a slight deceleration in the composite PMI index as a result.”
“German data was generally on or better than expected firm while the French numbers were mildly disappointing.”
“Overall, the data remain comfortably in expansion territory following the broader deceleration in activity earlier in the year.”
“EUR/USD picked up a decent bind in early European trade, gaining relatively sharply from the 1.1660 area.”
“Support is 1.1650/60.”