Weak Eurozone PMI figures weigh on the Euro as traders await US activity data that may influence Fed policy expectations.
The Euro traded at 1.1610 against the US Dollar, down from session highs of 1.1635, as disappointing Eurozone business activity data pressured the currency. The focus now shifts to US S&P Global PMI releases for May, which could shape Federal Reserve rate hike bets.
Eurozone services PMI fell to a 63-month low of 46.4 in May, missing expectations of 47.7, while manufacturing slowed to 51.4 from 52.2. France’s composite PMI hit a 66-month low at 43.5, and Germany’s sectors also contracted. US PMIs are expected to show steady services at 51.0 and softer manufacturing at 54.0.
Technical analysis suggests the Euro remains vulnerable below 1.1660, maintaining a near-term bearish bias.