Euro falls after weak reports on Tuesday
On Tuesday, the euro falls
against major currencies after the release
a number of weaknesses in activity reports
in the services sector in the single currency bloc.
So, EUR / USD pair dropped
0.23% to 1.3391 to 1.3420 at the level of the output
data. The pair was likely to receive support
at 1.3366 and resistance at around 1.3450.
The euro fell after
the data showed that the activity
Italy service sector grew in July
much less than expected. Index
purchasing managers in the services sector
Italy fell to 52.8 in July from 53.9 in June.
Economists had expected the index
will be 54.0.
Activity in the sector
services in Germany and Spain increased
last month, while the growth in
French services sector is negligible.
PMI in the service sector
the euro zone rose to 54.2 from 52.2 in June, but below
a preliminary reading of 54.4. Data
consolidated the assumption that the recovery
in the euro area is losing pace. Now investors
awaiting the outcome of the meeting on Thursday
monetary policy of the European
the central bank.
A separate report in
Tuesday showed that retail sales
Euro zone rose by 0.4%
from the previous month in June, according to
with forecasts. After the release of the data
Investors have focused
on the report of the Institute for Supply Management
on activity in the US service sector,
which will appear Tuesday night.
The euro fell to a session
low against the yen, with EUR / JPY down
0.15% to 137.44. The single currency also fell
against the pound, with EUR / GBP dropped
0.34% to 0.7932.
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