Preliminary estimates of the PMI indices for the eurozone countries, for the most part, exceeded expectations, creating positive traction in the EURUSD pair. The published composite PMI for the eurozone rose to 51.6 in February vs forecasted decline from 51.3 to 51.0. These data indicate a slight increase in growth in the euro region. The index has maintained a positive trend since September, that coincident with easing from the Fed and the ECB.
Analysts tuned in that the growth of the index will be interrupted due to fears of the coronavirus. This morning negative expectations were also fueled by failed assessments of the same indicator from Japan declined from 50.1 to 47.0.
The data above expectation in Europe allowed the euro to grow 30 points from the lower border of the trading range of recent days to 1.0810. Further strong data may initiate a corrective rebound in EURUSD.
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