EUR/USD Pressured as Spain Services PMI Misses at 51.9, Weakest Since June

EUR/USD faces downward pressure following a disappointing Spanish services PMI reading of 51.9 for February, missing the consensus forecast of 52.8 and declining from the prior month's 53.5. While the figure remains above the 50.0 threshold indicating expansion, the rate of growth has slowed to its weakest level since June 2025, driven by softer demand conditions and cooler market activity across Spain's services sector. The data adds to concerns about the Eurozone's economic momentum heading into the second quarter, potentially reinforcing expectations for further ECB monetary easing. Spain, as the fourth-largest Eurozone economy, contributes meaningfully to the bloc's composite PMI, and this deceleration may weigh on the broader Eurozone services reading. Traders should monitor the final Eurozone-wide services PMI release for confirmation of the slowdown trend. Near-term, EUR/USD may test lower support levels if additional Eurozone PMI readings disappoint. Key resistance remains at recent session highs, while support could be found around psychological round-number levels below current price action.