Euro Tumbles on Strong Data Despite Fed Looming

The Euro traded lower against the US Dollar on Friday, despite strong economic data from the Eurozone. The EUR/USD pair is currently trading near the 1.1370 area, and the US Dollar Index (DXY) remains firm around 101.50.

Germany's preliminary Composite Purchasing Managers Index (PMI) rose to 51.2 in July, exceeding expectations of 49.8 and returning to expansion territory. The Manufacturing PMI improved to 52.2 from 50.3, while the Services PMI rose to 49.6 from 48.6.

Activity across the wider Eurozone also strengthened, with the Composite PMI increasing to 51.9 from 50.0 and beating the 50.3 forecast. The strong services reading may keep US Treasury yields supported and prevent a deeper decline in the Greenback.