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EUR/USD: Cautious optimism is supporting the euro

EUR/USD has been on the rise. Reactions to eurozone PMIs and the fate of the US fiscal stimulus are on the agenda, FXStreet’s analyst Yohay Elam reports.

Key quotes

“French Services PMI plunged to 29 – lowest on record – the manufacturing PMI to 42.9, and the composite at 30.2, much worse than expected.” 

“Germany Manufacturing PMI came out at 45.7 while the Services PMI dropped to 34.5 points. The composite is 37.2.” 

“Negotiations led by US Treasury Secretary Steven Mnuchin and House minority leader Chuck Schumer. Further headlines are set to rock markets later in the day. Investors want to see a deal, and preferably a larger one.”

“Late in the day, Covid-19 reports from Italy's Lombardy region and then for the whole country will likely rock markets.”


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