EURUSD rebounds from its lowest level in 9 months

Last Updated on August 24, 2021

EURUSD rose in the morning trading on Monday in the European market and recorded the second consecutive daily gain within the rebounds from its lowest level in 9 months recorded earlier trading.

The EURUSD pair traded at $1.1732, adding more than 0.3% from the opening level of today’s session at $1.1692.

EURUSD rebound again to target 1.1800

EURUSD

The EURUSD pair closed last Friday’s trading, achieving 0.2% gains in the first daily rise, as part of the rebounds from its nine-month low.

Throughout last week’s trading, the euro incurred losses against the US dollar by 0.8%, recording the second consecutive weekly decline, following the minutes of the Federal Reserve’s meeting issued earlier last week, which indicated the possibility of approaching the Federal Reserve to reduce its monetary policy.

EU PMI numbers

The Eurozone continued to face an increase in the number of Covid-19 cases in August, as a result, the rising issues had an impact on the bloc’s output, according to Markit, the manufacturing PMI fell from 62.8 in July to 61.5 in August, this decline was less than the average The estimate of 62.0.

In the same period, the services PMI fell from 59.8 to 59.7 while the composite PMI fell from 60.2 to 59.5, these three numbers were relatively worse than analysts expected, however, with the PMI remaining above 50 this is a sign that activity The trade block is still going strong.

Germany was among the best performers in the region, the manufacturing PMI fell from a 23-year high of 65.9 to 62.7, the services PMI fell slightly to 61.5

 

Professional Trader and Analyst, economist in Financial and Forex marketsince 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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