EUR/USD slips as Spain PMI misses, signals eurozone growth concerns

EUR/USD declined 0.15% to 1.0515 as Spain's Services PMI came in below expectations at 55.6 versus 56.1 forecast, down from 56.6 previously. The Composite PMI also disappointed at 55.1, missing the 56.0 prior reading. While Spain's services sector maintains expansion above the 50-threshold, the deceleration raises concerns about eurozone growth momentum heading into year-end. Despite continued domestic demand strength and stable employment conditions, the softer data weighs on euro sentiment amid broader European economic fragility. HCOB analysts maintain Spain will see robust Q4 GDP growth based on October-November PMI averages, but the downward trend warrants caution. Technical resistance for EUR/USD sits at 1.0550, with support emerging near 1.0480. Traders await Thursday's ECB policy decision and eurozone-wide PMI data for clearer directional cues on the single currency's trajectory.