Currency Buzz: EUR/USD Retraces 1.900 Levels On Upbeat Data

Currency Buzz: EUR/USD Retraces 1.900 Levels On Upbeat Data

Aug 02, 2021 03:08 IST capital market

The euro is seen aiming 1.900 levels against the dollar on Monday, after briefly testing the level on Friday, ahead of weekend. EUR/USD stood at one-month high end July as the greenback remained soft post FOMC. The pair touched a high of 1.894 during intraday trades and is currently quoting at 1.892. German retail sales figures have exceeded expectations of 2% with a monthly number at 4.2% which further supported the Euro. However, eurozone manufacturing sector growth moderated in July but the pace of expansion remained elevated, final data from IHS Markit showed on Monday. The final factory Purchasing Managers Index fell to 62.8 from 63.4 in June. This was the lowest reading since March. But the reading was above the flash 62.6 and the sector has recorded successive months of expansion since July 2020. The EUR has derived support at the end of last week from stronger than expected eurozone GDP and inflation data releases.

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