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24.06.2022 06:02

EUR/USD oscillates above 1.0500 as focus shifts to US Durable Goods Orders

  • EUR/USD has turned sideways after a vulnerable Eurozone/US PMI performance.
  • Investors are keeping an eye on the release of the US Durable Goods Orders for further guidance.
  • The asset has displayed a balanced market profile this week, which may bring an imbalance action further.

The EUR/USD pair has turned sideways to 1.0520 after facing barricades around 1.0550 in the New York session. In this entire week, the asset has displayed topsy-turvy moves in a range of 1.0444-1.0606 despite the availability of potential triggers, which were able to provide a decisive move to the asset. On Thursday, the major was expected to deliver an upside break of the consolidation range, however, the downbeat eurozone Purchase Managers Index (PMI) data weighed pressure on the shares currency bulls near the round-level resistance of 1.0600.

The IHS Markit reported the Composite PMI at 51.9, much lower than the estimates of 54 and the prior print of 54.8. Separate scrutiny of Manufacturing and Services PMI also displayed a vulnerable performance. The Manufacturing PMI landed at 52, significantly lower than the estimates and the prior print of 53.9 and 54.6 respectively. Also, the Services PMI released extremely lower at 52.8 than the consensus of 55.5 and the former figure of 56.1.

Meanwhile, the US dollar index (DXY) is following the footprints of the EUR/USD pair and has turned rangebound around 104.41 on lower-than-expected PMI data. The Manufacturing and Services PMI have landed at 52.4 and 51.6 respectively, however, their forecasts and prior prints were significantly higher.

Going forward, investors will keep an eye on the release of the US Durable Goods Orders, which are due on Monday. As per the market consensus, the economic data may improve to 0.6% from the prior print of 0.5%. This indicates a higher demand for those goods, which will last for at least three years.

 

 

 


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