EUR/USD Falls to 1.0700

EUR/USD fell back to familiar technical levels on Thursday, falling to the 1.0700 mark after US economic data supported the dollar. Friday is a busy day for market data, with both Europe and the US releasing Purchasing Managers’ Index (PMI).

Forex Today: All Focus Will Be on Purchasing Managers’ Index Reports

In May, the German Producer Price Index (PPI) fell to 0.0% on a monthly basis, below the previous value of 0.2% and the expected value of 0.3%. The annual PPI in May was also lower than expected, falling to -2.2%. Although the annual data improved from the previous value of -3.3%, it was still within the market expectation of -2.0%.

The latest US initial jobless claims were higher than expected, with 238,000 initial jobless claims in the week ending June 14, and the previous value was revised to 243,000. This caused the four-week average to rise from the previous value of 227,250 to 242,750.

The Philadelphia Fed Manufacturing Index fell from 4.5 to 1.3 in June, below the expected 5.0. In addition, US housing starts fell to 1.277 million in May, below the expected 1.37 million and the revised 1.352 million last month.

The Eurozone PMI for June, released on Friday, is expected to rebound slightly. The manufacturing PMI is expected to rise from 47.3 to 47.9 in June, and the services PMI is expected to rise from 53.2 to 53.5.

In the United States, both the manufacturing and services PMIs are expected to fall, with the manufacturing sector falling from 51.3 to 51.0 and the services sector falling from 54.8 to 53.7.

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