Currency Analyst since 2010

Aug. 5: European session


EUR/USD slid to $1.3388. There was a mixed economic data from the euro area. The region’s composite PMI turned out to be lower than expected (53.8 vs. 54) as services PMI came a bit below forecasts. Retail sales met the forecasts rising by 0.4% (y/y growth was 2.4% vs. 1.2% expected).

UK July Services PMI rose to the highest level since December 2013, exceeding the expectations (59.1 versus 58.1 forecasted and 57.7 in June). GBP/USD jumped into the $1.6890 area on the news, testing the 100-day MA to the upside. EUR/GBP dipped to 0.7930.

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