Tuesday’s headline seasonally adjusted IHS Markit/CIPS UK services PMI business activity Index registered 51.3 in February, up from a two-and-a-half year low of 50.1 in January.
EUR/USD: Despite substandard lower-tier data out of the US, the greenback (the US dollar index) extended gains Monday and tested highs of 96.82. A rising buck, as you can see, weighed on the euro. Following a sloppy retest to the underside of March’s opening level at 1.1373 on the H4 timeframe, the EUR/USD touched gloves … Continue reading Tuesday 5th March: BoE Gov. Carney due to testify before the House of Lords, in London
The US ISM manufacturing PMI fell into contraction Friday, with all of the major components falling and/or missing expectations. The impact of the report sent H4 flow through 1.14, though swiftly pared gains at 1.1408 as the dollar recovered, buoyed by increasing US Treasury yields.
Underpinned by a better-than-expected US growth reading as well as an upbeat Chicago PMI, the US dollar index advanced to a high of 96.28 Thursday, registering its second consecutive daily gain.
The value of the euro weakened against its US counterpart Wednesday, snapping a two-day bullish phase. A revival of USD bidding, driven by advancing US Treasury yields, weighed on the EUR/USD.