Posted 2/19/2024, 7:30:08 PM
Euro Slips Slightly Against US Dollar Amid Light Holiday Trading; Focus Turns to Economic Data That Could Influence EUR/USD Direction
- Euro slipped slightly against the US dollar on Monday with low holiday trading volume
- Focus is on upcoming German PMI data later this week which could impact EUR/USD
- Minutes from latest Fed meeting will be released Wed; could be significant given shifting rate cut expectations
- German manufacturing PMI on Thurs expected to show continued contraction, keeping pressure on euro
- Longer term EUR/USD in downtrend all year; technicals show rangebound action between 1.08-1.07 without clear direction