BREAKING: EURUSD drops after US PMI data reading
United States, PMI Data for September:
- S&P Global Services PMI: Actual: 55.4. 55.3 (forecast) vs 55.7 (previous)
- S&P Global Composite PMI: Actual: 54.4. Previous 54.6
- S&P Global US Manufacturing PMI: Actual: 47.0. 48.6 (forecast) vs 47.9 (previous)
Relatively good services PMI data for September trigger weakness in the euro against the dollar. The market reads the better readings as less chance of a dovish Fed, which supports the USD. On the other hand, of course, weak manufacturing momentum is weighing on the market.
Source: xStation