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BREAKING: EURUSD drops after US PMI data reading

2:45 PM 23 September 2024

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 

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