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EUR/USD Recovers from Intraday Drop

March 5, 2018 by

EUR/USD dropped today but has almost recovered by now as the dollar remained under pressure from concerns about the planned US tariffs on steel and aluminum imports. The recovery paused for a short while following the release of decent reports about the US services sector but resumed fairly quickly.

Markit services PMI climbed from 53.3 in January to 55.9 in February according to the final estimate. It was unrevised from the preliminary reading and matched the consensus forecast exactly. (Event A on the chart.)

ISM services PMI slipped from 59.9% in January to 59.5% in February but was still above the analysts’ prediction of 58.9%. (Event B on the chart.)

On Friday, a revised report on Michigan Sentiment Index was released, showing an increase from 95.7 in January to 99.7 in February. That is compared to the preliminary figure of 99.9 and the median forecast of 99.4. (Not shown on the chart.)

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

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