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EUR/USD Drops on Extremely Disappointing Eurozone PMIs

September 23, 2019 (Last updated on September 24, 2019) by

EUR/USD declined during Monday’s trading session. While the fact that Chinese officials cut short their visit to the United States made market participants question whether the US-China trade negotiations are falling apart, the main reason for the weakness of the currency pair was domestic macroeconomic data. Markit released PMIs for the eurozone today, and all of them came short of expectations.

As for US data, both Markit manufacturing PMI and Markit services PMI rose in September according to the flash report. Manufacturing PMI climbed to 51.0 from 50.3 in August, whereas analysts were not expecting any change. Services PMI edged up a little to 50.9 from 50.7 but missed the consensus forecast of 51.5. (Event A on the chart.)

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

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