On a slow news day, the Euro moved to the rhythm of the Greenback, trading within a tight range, albeit, slightly lower than yesterday’s start. Opening this morning at 1.1435, the Euro looks to maintain its position ahead of eurozone PMI data due out later tonight.
Global foreign exchange markets had little to digest overnight with China on holiday and a slow economic calendar. Nevertheless, the United States Dollar did enjoy broad-based support, finding its feet and appreciating marginally across the board. The Euro was no exception to this, conceding ground to the worlds reserve currency, albeit modestly.
Tuesday is set to be a slightly more exciting day for the Euro with PMI data set for release across the eurozone. The United States is also set to release a critical ISM PMI reading.