EUR/USD strengthens amidst slowing US economy, hawkish ECB comments – by christianborjon EURUSD Currencies Majors
President Christine Lagarde and other policymakers’ hawkish comments also lifted the Euro . The EUR/USD is trading at 1.0710, above its opening price by 0.01%.
The Institute for Supply Management revealed that the Non-Manufacturing PMI, also known as the Services PMI, dropped to 50.3 in May from April 51.9, clung to expansionary territory amidst a slowdown in orders. Given that the PMI decelerated, increased fears for a possible recession after the last week’s Manufacturing PMI contracted for the seventh straight month., a measure of the buck’s value vs. a basket of currencies, pairs earlier losses at 104.060, positive by 0.
At the same time, her colleague Joachim Nagler added the ECB needs to keep raining rates beyond the summer. Money market futures have priced in a 25 bps rate hike by the ECB, contrarily to the US Federal Reserve , which is seen pausing in June, but if data proves them wrong, another interest rate increase is expected in July.From a technical perspective, the EUR/USD is neutral to downward biased, though testes briefly the 200-day Exponential Moving Average at 1.
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