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EUR/USD Rises on Positive Eurozone PMIs

EUR/USD rose today after the release of positive PMI reports from Markit for the eurozone. The currency pair halted its advance and was trading sideways following the release of positive macroeconomic reports in the United States but kept its gains.

Markit released a preliminary report on US manufacturing and services PMIs in February. Markit manufacturing Purchasing Managers’ Index fell from 59.2 in January to 58.5 in February, matching market expectations. Markit services PMI rose from 58.3 to 58.9 instead of falling to 57.9 as analysts had predicted. (Event A on the chart.)

Existing home sales in the United States were at a seasonally adjusted annual rate of 6.69 million in January, up from 6.65 million in December (revised negatively from 6.76 million). Markets were counting on a drop to 6.59 million. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Posted on Forex blog.

from Forex Blog https://www.earnforex.com/blog/eur-usd-rises-on-positive-eurozone-pmis/

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