The US Dollar (USD) retained the ground gained in the previous days, and EUR/USD settled below the 1.0700 threshold for a second consecutive week.
Encouraging US data ahead of the weekly close boosted demand for the US Dollar. The United States will release the Federal Reserve’s favorite inflation gauge next week. EUR/USD trades near its lowest level in June, bears aim to challenge the year-to-date low. The US Dollar retained the ground gained in the previous days, and EUR/USD settled below the 1.0700 threshold for a second consecutive week. The pair moved mostly on sentiment, although tepid United States data pushed EUR/USD up to 1.
German figures showed a third consecutive monthly rise in business activity, although the Composite PMI resulted in 50.6, amid a sharp drop in services output and a drop in manufacturing activity. The EU Composite PMI declined from 52.2 in May to 50.8 in June, indicating the region’s economic recovery suffered a setback at the end of the second quarter of the year.
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