EUR/USD trades at 1.1525 following a downward revision of Eurozone Manufacturing PMI to 51.9 in July, still marking a modest improvement.
The Euro dipped slightly against the US Dollar, trading at 1.1525 after reaching a seven-week high of 1.1556 earlier. The currency remains supported by a revised Eurozone Manufacturing PMI of 51.9 for July, down from an initial estimate of 52.0 but up from June’s 51.4.
The revised PMI indicates a modest expansion in factory activity, the strongest since April, despite energy shocks and geopolitical uncertainty. Spain and Italy saw moderate growth, while Germany’s PMI improved significantly. France, however, reported contraction, defying expectations.
Risk appetite and lower oil prices provided additional support, offsetting weaker German retail sales, which fell 1.1% in June, exceeding forecasts of a 0.5% decline.