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The Euro continues correcting

24 August 2021

EURUSD is slowly recovering after plunging earlier. The major currency pair is intending to continue its slow recovery. The current quote for the instrument is 1.1732. According to the preliminary data, the Manufacturing PMI in the Euro Area dropped to 61.5 points in August after being 62.8 points the month before. The Services PMI went from 59.8 to 59.7 points over the same period of time. The same indicators for Germany were rather disappointing. The Manufacturing and Services PMIs went from 65.9 and 61.8 points to 62.7 and 61.5 points respectively. 

There is a feeling that European businesses delve into both the demand, which is not very impressive and the global market conditions. Not many social restrictions have been removed and it’s not quite clear right now how the coronavirus situation will evolve in the upcoming autumn with other seasonal diseases. Manufacturers tend to be careful and they are probably right. 

The Consumer Confidence in Europe dropped to -5 points in August, the same as expected, after being -4 points in July. It’s also some kind of a signal that the pandemic continues dictating its terms on the global market. The data from the USA also wasn’t too optimistic. The Markit Flash Services PMI showed 55.2 points in August after being 59.9 points in the previous month. The Markit Flash Manufacturing PMI dropped from 63.4 to 61.2 points over the same period of time. It's quite likely that coronavirus-related concerns did their part here as well. Financial markets continue being very careful: there is a chance that the Jackson Hole symposium will go rather neutral but one shouldn’t exclude a possibility of strong statements.



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