Euro Falls Despite Strong Eurozone PMIs

The Euro fell against the US Dollar despite strong PMI data in the Eurozone. The EUR/USD pair traded lower near 1.1370, while the US Dollar Index (DXY) remained firm at 101.50.

The Eurozone's Composite PMI increased to 51.9 from 50.0, beating forecasts of 50.3. Manufacturing PMI advanced to 52.0, and Services PMI rose sharply to 51.6 from 49.4.

In the US, preliminary S&P Global Manufacturing PMI eased to 53.8, missing expectations of 54.5, while the Services PMI surged to 53.6, exceeding forecasts of 51.0.

The strong services reading may keep US Treasury yields supported and prevent a deeper decline in the Greenback. Attention now turns to the Federal Reserve's (Fed) July 28-29 meeting, where interest rates are expected to remain at 3.50%-3.75%.