EUR/USD holds steady around 1.0980 as upbeat US PMIs ease recession fears – by christianborjon EURUSD Currencies Majors
. However, late into the Wall Street close, the greenback lost strength, US equities rose, and the Euro recovered some ground. Hence, the EUR/USD is trading at 1.0988 after reaching a low of 1.0937.Sentiment across the New York session fluctuated between risk-on/off. Investors’ recessionary fears about the US were pushed away by April’s S&P Global PMI figures, which showed the economy’s resilience, despite the US Federal Reserve 475 bps of tightening.
The market initially reacted to buying the US Dollar, which gained some ground vs. the Euro, as it dived to 1.0942. Nevertheless, buyers moved in and liftedThis happened after Thursday’s data, namely, US unemployment claims, housing data, and the Philadelphia Fed Manufacturing Index, flashed a gloomy scenario, triggering flows towards safety, except for the US Dollar. side, Thursday’s calendar featured a surplus in the Balance of Trader of €4.6B, better than January’s deficit of €-31.
On Friday, the EU’s PMI was mixed, with the Manufacturing Index at 45.5, standing at contractionary territory missing estimates, while the Services and Composite Indices exceeded the consensus, expanding.Meanwhile, central bankers from both sides of the Atlantic continued their hawkish rhetoric. For one part, Federal Reserve officials agreed that inflation is too high, though there’s a myriad of opinions regarding how much tightening is left.
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