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2 Aug 2021

EUR/USD pares daily gains, steadies around 1.1870

  • EUR/USD remains on track to end the day flat.
  • US Dollar Index stays above 92.00 following an earlier decline.
  • US ISM Manufacturing PMI came in lower than expected in July.

The EUR/USD pair advanced higher toward 1.1900 during the European trading hours on Monday but failed to preserve its bullish momentum. As of writing, the pair was virtually unchanged on the day at 1.1870.

DXY reclaims 92.00 after US data

Earlier in the day, the risk-positive market environment made it difficult for the greenback to find demand helped EUR/USD push higher. However, Wall Street's main indexes retreated from the daily highs set after the opening bell and allowed the USD to regather its strength. At the moment, the US Dollar Index (DXY) is flat at 92.08.

The data from the US revealed that the manufacturing activity continued to grow at a strong pace in July. The IHS Markit's Manufacturing PMI improved to 63.4 in July's final reading from the flash estimate of 63.1. Furthermore, the ISM's Manufacturing PMI arrived at 59.5 and missed the market expectation of 60.9. The Prices Paid component of the ISM's survey edged lower to 85.7 from 92.1 and the Employment component improved to 52.9 from 49.9.

CFTC Positioning Report: USD net longs at 15-month highs.

On Tuesday, June Producer Price Index (PPI) will be the only data featured in the European economic docket. Later in the day, the ISM-NY Business Conditions Index, the IBD/TIPP Economic Optimism Index and June Factory Orders data from the US will be looked upon for fresh impetus.

Technical levels to watch for

 

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