EUR/USD remains depressed

Friday’s focus will be on the flash PMI prints from the Eurozone and the US after the EUR/USD pair continued with its struggle to register any meaningful recovery, Haresh Menghani from FXStreet reports.

Key quotes

“The Philly Fed Manufacturing index surpassed even the most optimistic estimates and surged to 36.7 in February from 17 previous – marking the highest reading since February 2017.” 

“The shared currency remained depressed amid pessimism about the Eurozone economic fallout from the coronavirus outbreak – in particular the export-driven German economy.”

“Weaker incoming economic data seemed to have fueled speculations for further policy easing by the European Central Bank.”

“The market focus will be on the flash version of the Eurozone PMI prints. Softer readings might be enough to dent the already weaker sentiment surrounding the shared currency and prompt some fresh selling. 

“Later during the early North-American session, the US flash Manufacturing PMI will influence the USD price dynamics and further contribute towards producing some meaningful trading opportunities on the last day of the week.”