5/24/2021 5:08:05 AM GMT
Softer German Manufacturing PMI prompted some selling around EUR/USD on Friday.
A goodish USD rebound from multi-month lows further contributed to the intraday slide.
The risk-on mood capped gains for the safe-haven USD and helped limit the downside.
The EUR/USD pair witnessed some selling during the second half of the trading action on Friday and retreated around 80 pips from the vicinity of monthly tops set earlier last week. The early downtick was triggered by softer-than-expected German Manufacturing PMI, which fell to 64.0 in May from 66.2 prior and pointed to the slowing pace of expansion in the Eurozone s largest economy. This, to a larger extent, overshadowed stronger than anticipated readings for the region s dominant services industry. The Services PMI indicated that the further lifting of virus restrictions boosted business activity and added credence to the optimistic outlook, though did little to impress bulls.
EUR/GBP surrenders intraday gains despite mostly upbeat Eurozone PMIs
fxstreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fxstreet.com Daily Mail and Mail on Sunday newspapers.
EUR/GBP surrenders intraday gains despite mostly upbeat Eurozone PMIs
forexcrunch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forexcrunch.com Daily Mail and Mail on Sunday newspapers.