EUR/USD: Upbeat China PMI fails to buoy the euro

  • EUR/USD trades in the red despite above-forecast China's data. 
  • US stock futures drop, bond yields rise, keeping the US dollar better bid. 
  • On the data front, the focus is on Germany's labor market figures. 

EUR/USD is trading on a weak note on Wednesday, falling even against upbeat Chinese data. 

At press time, the currency pair is trading at 1.1223, representing a 0.10% decline on the day. The shared currency faced rejection at a high of 1.1240 during the Asian trading hours. 

China's Caixin Purchasing Managers' Index (PMI) for the manufacturing sector rose to 51.2 in June from 50.7 in May. The pace of expansion, as represented by the above-50 reading, was the quickest in six months. 

Even so, the futures tied to the S&P 500 are flashing red, keeping the anti-risk currencies like the Japanese yen better bid and EUR and commodity dollars under pressure. The failure to cheer the bullish Chinese data could be associated with the continued rise in the coronavirus cases in the US. 

In addition, the uptick in Treasury yields could be drawing bid for the US dollar. At press time, the 10-year Treasury yield is trading at 0.68%, representing a three-basis-point rise on the day. 

The tide, however, may change in favor fo the EUR bulls if the German Retail Sales (May) and the Unemployment Change (June) data scheduled for release during the European trading hours beat estimates. Across the pond, the focus would be on the US ISM Manufacturing (June), ADP Employment (June), and the FOMC Minutes. 

Technical levels


Today last price 1.1223
Today Daily Change -0.0008
Today Daily Change % -0.10
Today daily open 1.1234
Daily SMA20 1.1269
Daily SMA50 1.1052
Daily SMA100 1.1006
Daily SMA200 1.1037
Previous Daily High 1.1262
Previous Daily Low 1.1191
Previous Weekly High 1.1348
Previous Weekly Low 1.1169
Previous Monthly High 1.1422
Previous Monthly Low 1.1097
Daily Fibonacci 38.2% 1.1218
Daily Fibonacci 61.8% 1.1235
Daily Pivot Point S1 1.1196
Daily Pivot Point S2 1.1158
Daily Pivot Point S3 1.1125
Daily Pivot Point R1 1.1267
Daily Pivot Point R2 1.13
Daily Pivot Point R3 1.1338



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.


GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.


XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI drops to fresh weekly lows below $39 amid virus risks, IEA forecast

WTI (August futures on Nymex) extends the steep declines seen on Thursday to drops over 1.50% in the European session this Friday. The oil bears breach the 39 level to hit the lowest levels in eight days at 38.76.

Oil News