The EUR/USD pair holds below the 1.0600 mark after retracing from near 1.0700 during the early Asian session on Wednesday. The sell-off of the major p
EUR/USD remains on the defensive under the 1.0600 psychological mark. The US S&P Global PMI data for October came in better than expected. Eurozone economic data on Tuesday revealed a contraction in PMI and lower inflation in October. Traders will closely watch the US Q3 GDP, ECB rate decision on Thursday. air is supported by the rebound of the US dollar broadly and the optimistic US data. EUR/USD currently trades near 1.0593, gaining 0.03% on the day.
These reports support the anticipation that the European Central Bank will maintain interest rates unchanged on Thursday. The flash Composite PMI for the eurozone dropped to 46.5 in October from 47.2 in September. It was the sixth straight reading below 50, showing that the slowdown is ongoing. Meanwhile, the Manufacturing PMI decreased to 43.0 versus 43.4 prior, worse than expected of 43.7. The Services PMI fell to 47.8 versus 48.7 prior.
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