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EUR/USD on Defense as US Dollar Firms Following Strong PMI Data

EUR/USD on Defense as US Dollar Firms Following Strong PMI Data

Rich Dvorak, Analyst
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US DOLLAR OUTLOOK: EUR/USD STRENGTH STALLS FOLLOWING LATEST PMI REPORT

Markets are digesting the latest round of monthly PMI data just released by IHS Markit. EUR/USD price action has been trading on its front foot for most of the session with a broadly stronger Euro piggybacking on a softer US Dollar. Eurozone PMIs topped consensus forecast led by a record expansion in manufacturing output and the first sign of growth in the services sector since August last year.

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EUR/USD PRICE CHART: 15-MINUTE TIME FRAME (22 APR TO 23 APR 2021)

EURUSD Price Chart Euro to US Dollar Outlook

Also, with EU covid lockdowns easing ahead, outlook for the Euro-area seems encouraging and is likely contributing to the recent influx of EUR/USD strength. US PMI data crossed market wires better-than-expected as well, but it seems as though traders have priced the Greenback for perfection, hence the overall muted response by USD bulls. Not to mention, ten-year Bund to Treasury yield spreads have been edging higher and arguably underpins Euro gains against its US Dollar peer.

EUR/USD Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -27% 12% -3%
Weekly -8% 2% -1%
What does it mean for price action?
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-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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