EUR/USD struggles to hold its ground early Friday and trades below 1.0700 after closing in negative territory on Thursday.
EUR/USD stays under bearish pressure and trades below 1.0700. PMI data from the Euro area highlight a loss of growth momentum in early June. The pair could extend its slide if 1.0670 support fails. The pair could continue to stretch lower in case 1.0670 support fails. The risk-averse market atmosphere helped the US Dollar gather strength on Thursday, forcing EUR/USD to stay on the back foot.
Composite PMI in Germany declined to 50.6 in June's flash estimate from 52.4 in May and HCOC Composite PMI for the Eurozone declined to 50.8 from 52.2. Both of these readings came in below analysts' estimates and showed that the private sector's business activity continued to expand at a softening pace. Assessing PMI surveys' findings, the
PMI do not provide ammunition for another rate cut in July by the ECB, said Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank.This is because, for the biggest Eurozone economy, Germany, service providers increased their selling prices at a sharper pace than in May. In the second half of the day, S&P Global will release preliminary Manufacturing and Services PMI data for the US.
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