Single Currency Weakened, Surprisingly Good Services PMI
The Euro/Dollar pair dropped 0.20% to close at 1.1636. Today’s Services PMI data brought investors a pleasant surprise. German Services PMI rose to 54.5 while Eurozone Services PMI increased to 55.2. Today, the US is celebrating the Independence Holiday. Tomorrow, Germany will feature Factory Orders and the US will present key employment figures and Fed June meeting protocol.
The Eurozone economy is seemed to be entering a phase of downturns, considering recent data. PMI pointed at a 6th consecutive decline. Plus, the trade friction with the US also weighed on the economy. German Retail Sales dropped 2.1%, marking the largest fall in a year and Preliminary Consumer Price Index declined from 0.5% to 0.1%.