EUR/USD edges lower as Eurozone services PMI misses expectations
EUR/USD has slipped 0.15% to 1.0845 following disappointing Eurozone services data. The final services PMI for August came in at 50.5, below the preliminary reading of 50.7 and down from July's 51.0, marking a 2-month low. Despite the services sector weakness, the composite PMI held at 51.0, supported by manufacturing sector improvements, reaching a 12-month high. The marginal growth indicated by the composite reading suggests the Eurozone economy remains in a fragile state. Market participants are now focusing on upcoming ECB policy decisions, with the weak services data potentially supporting arguments for continued accommodative monetary policy. Technical indicators show immediate support at 1.0830, with resistance at 1.0870. The mixed PMI data creates uncertainty for EUR/USD direction, though persistent services weakness could cap any euro strength in the near term.
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