EUR drifting lower on PMIs

March 4, 2015

The euro drifting lower once again against the dollar, the latest push lower coming on the back of the latest PMI data in the Eurozone, the final releases for Italy coming in weaker than expected, together with data for Spain. Services data for Germany also weaker than expected at 54.7. EURUSD is now not that far from the post-Greece election low of 1.1098, which remains the key downside support level for the short-term. Nerves are likely to remain in place ahead of the ECB meeting tomorrow, where further details on the QE program will be offered.

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