The Euro is steadying at an over five-month low against the dollar on Tuesday as dollar index continues to hover around 106 mark, making it difficult for the single common currency to bounce back. US benchmark treasury yields are also staying elevated at 4.6% tracking hawkish comments from Fed officials amid concerns over inflation. EURUSD pair is currently quoting at $1.0681, almost flat for the day. The pair attempted to pick up fresh bids above $1.07 mark in immediate reaction to mixed German PMI data but lost momentum after Eurozone manufacturing PMI contracted further in April. The Eurozone Manufacturing Purchasing Managers Index (PMI) came in at 45.6 in April, down from the 46.1 reading in March, lower than the market consensus of 46.5. The index slipped to a four-month low. The blocs Services PMI rose to 52.9 in April from 51.5 in March, hitting a fresh eleven-month high. Meanwhile, German Manufacturing PMI rose to 42.2 this month, compared with the 42.8 estimate and Marchs 41.9. The index hit the highest level in two months. Services PMI jumped from 50.1 in March to 53.3 in April, beating the expected 50.6.
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