Euro steadies at three-week highs amid positive data and lower Oil prices
The Euro (EUR) remains practically flat against the US Dollar (USD) at the European session opening times on Thursday, with the EUR/USD pair holding gains at the 1.1550 area after rallying about 1.6% from last week's lows.
The Euro (EUR) maintained a stable position near three-week highs of 1.1550 against the US Dollar (USD) on Thursday, with gains stemming from lower oil prices and favorable Eurozone economic data, while cautious market sentiment ahead of the US Nonfarm Payrolls release kept the USD in check. German Factory Orders surged by 3.1% in June, surpassing market expectations, while a revised downward adjustment of 0.3% in May improved the outlook.
The positive Eurozone data encouraged expectations of a potential rate hike by the European Central Bank (ECB) in September. Conversely, US ADP Employment data revealed a smaller increase of 44K jobs, falling short of expectations and raising concerns in the market. Additionally, the Institute for Supply Management (ISM) Services PMI remained steady at 54.1 in July, slightly below the anticipated 54.5, as price pressures rose and employment declined.
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