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EUR/USD Calm as Eurozone Manufacturing Improves
The euro has posted slight losses on Monday. EUR/USD is trading at 1.0835 in the European session, down 0.11% on the day.
US Dollar Steadies as Traders Brace for Data-packed Week
The US Dollar trades mixed against its major peers on Monday.
The final value of the Eurozone's manufacturing PMI in May was slightly revised down, but it still hit a 14-month high.
The contraction rate of Eurozone manufacturing has slowed for the third consecutive month, and production activities are approaching stability. In addition, the contraction of new orders, exports, and purchasing activities has also slowed, and business confidence has further increased. According to the HCOB report published by S&P Global on Monday, the final value of the Eurozone manufacturing PMI in May was 47.3, down 0.1 percentage point from the initial value of 47.4, but still a 14-month high, compared to 45.7 in April. The manufacturing business climate is still declining, but the degree of decline has dropped to the lowest level in more than a year. The output index in May rose to 49.3, also a 14-month high, indicating that production continues to trend towards stability.
EUR/USD Outlook: Eases on Weaker Demand, Markets Await for ECB's Verdict
The Euro started to lose traction in European trading on Monday, adding to initial warning from Friday’s daily candle with long upper shadow, which was formed after strong upside rejection.
Murrey Math Lines: EUR/USD, GBP/USD
EUR/USD quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend.
German Economy Minister: Expect European Central Bank to begin a loose cycle soon, hoping for further interest rate cuts in the future.
Zhītōng Cáijīng APP learned that German Economy Minister Ha Beck stated that he hopes the European Central Bank will further reduce interest rates after the expected monetary easing cycle beginning this week. Ha Beck said at an East German business forum in Badasalo near Berlin on Monday: "The inflation rate is falling back to 2%. I believe that the European Central Bank will soon lower key interest rates and hope that interest rates will be further reduced afterwards." Currently, it is widely expected that the European Central Bank will cut interest rates by 25 basis points on Thursday, reducing the deposit rate from last year's record high of 4% to 3.75%. Chief European economist at Morgan Stanley.