The EUR USD trading pair is flat in today’s trading after seeing mixed results from various economic reports in the Eurozone. The positive German and French manufacturing PMI are still overshadowed by more negative results from the bloc.
Aside from that, the recent speech of the European Central Bank President Christine Lagarde failed to buoy hopes. Lagarde drew attention when she called the eurozone government to act towards the new order in the global economy.
The euro futures slipped by 0.06% or 0.0007 points in this Friday’s trading.
Traders were hoping that the EUR USD trading pair will gain traction in sessions due to the slight rebound in German economic activities.
Berlin’s Manufacturing Purchasing Managers Index went up by 43.8% from 42.1%, going past expectations of only 42.9% growth. However, it’s still well below the 50 mark that indicates expansion in the sector.
Germany’s gross domestic product for the third quarter of the year also went up to 1% from 0.3% on a year-over-year basis. It went well above projections of 0.5% growth for the Q3.
Meanwhile, the Eurozone services purchasing managers’ index slipped down to 51.5% to 52.2%. Traders were disappointed because experts projected a 52.5% growth from the services PMI.
The EUR USD exchange rate is slipping by 0.02% or 0.0003 points as the single currency tries to prevent further losses. The pair currently trades for $1.1054, inching only slightly from its last close of $1.1057.
The pair also extended its ranges from $1.1084 to %1.1048 this Friday’s trading sessions. Meanwhile, greenback is taking advantage of the single currency as it struggles to decide on a clear direction.
The EUR USD pair has gained altitude since last week Thursday and it also had good gains on November 15.
However, since this Wednesday, the single currency started to falter against the greenback. Luckily for euro bulls, the pair didn’t even go near its support levels.