The EUR/USD pair seesawed around the 1.0500 level for most of this Monday, spending the day in a tight 60 pips range.
EUR/USD Current price: 1.0510 The December flash PMIs showed the Eurozone still struggles with economic contraction. The Fed eral Reserve will announce its decision on monetary policy next Wednesday. EUR/USD is technically neutral, with little scope for a sudden advance. The pair is currently trading a handful of pips above the level, posting gains for a second consecutive journey, albeit still lacking clear directional signs.
Finally, the United States S&P Global PMIs came in mixed, as the December Manufacturing PMI contracted to 48.3 from the 49.7 posted in November while missing the expected 49.4. However, the services output improved by more than anticipated, with the index jumping to 58.5 from the previous 56.1, while also resulting much better than the 55.7 forecast. Tuesday will bring US Retail Sales, foreseen up by 0.5% in November, slightly better than the 0.4% posted in October.
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