EUR/USD steady near 1.1650 as Eurozone composite PMI at 52.0 backs ECB hold

EUR/USD held a tight range around the 1.1650 area after August final PMIs confirmed the euro area economy is expanding at a modest but steady pace, offering the ECB little reason to shift policy. The Eurozone final composite PMI printed 52.0 with services at 51.6, both consistent with continued growth. Southern Europe again did the heavy lifting: Spain's services PMI came in at 57.8 and composite at 55.8, while Italy posted 55.2 services and 53.6 composite. The core remains the weak spot, with France's final services PMI at 48.0 and composite at 48.5, both in contraction, while Germany's services slipped to 49.7 even as the composite held at 51.8 on manufacturing strength. The data reaffirms the ECB's on-hold stance, with policymakers seeing growth around trend and inflation near target. Traders should watch resistance at 1.1700 and 1.1750, with support at 1.1600 and 1.1550. With EUR direction now largely dollar-driven, Friday's US jobs report is the more decisive catalyst for EUR/USD.