🔽 EURUSD drops to 1.09

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US dollar has been hit hard by FOMC earlier this week. New dot-plot suggesting three 25 basis point rate cuts in 2024 sparked a rally on US equity markets and caused USD to lose ground, and EURUSD to gain. The upward move on EURUSD was extended yesterday on the back of a rather hawkish ECB meeting. As a result, the main currency pair jumped around 2% over two days - from below 1.08 on Wednesday to above 1.10 yesterday. However, a quick reversal occurred today with EURUSD now testing the 1.09 mark. What is driving the move lower today?

Flash PMIs for December from European countries disappointed
German services PMI dropped to 48.4 (exp. 49.6) while manufacturing PMI climbed to 43.1 (43.4)
French services PMI dropped to 44.3 (exp. 46.0) while manufacturing PMI dropped to 42.0 (exp. 43.2)
On the other hand, US services PMI climbed from 50.8 to 51.3 (exp. 50.5)

EURUSD is approaching a support zone in the 1.09 area. Interestingly, TNOTE remains at elevated levels and does not justify today's USD strengthening.

Source: xStation5

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