Chart of the day: EURUSD (23.08.2023)

9:37 AM 23 August 2023

The main currency pair is seeing increased volatility today due to the tone of incoming PMI data from the major European economies. EURUSD is losing on a daily basis, with European indices rallying in the face of lower-than-expected readings from Germany and the Eurozone itself, reducing the chances of one more interest rate hike by the ECB to just 40%.

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The current chances of a hike are just 39.8%. Source: Bloomberg Finance L.P.

However, for Germany, France and the broad Eurozone picture reading, the largest declines are in the services sector, which falls below the psychological 50-point barrier. Activity in Europe is declining and this is also affecting other markets, including debt securities, which are gaining in Europe, the US and Asia.

The EURUSD pair is trading close to 0.22% down today, which with its range has crossed the important support set by the 200-day exponential moving average (golden curve). Source: xStation 5

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