Euro remains muted after mixed German flash PMI data
The Euro (EUR) remains almost steady against its major currency peers after the release of the German preliminary HCOB Purchasing Managers’ Index (PMI) data for September.
The EUR/JPY exchange rate remains stagnant near the 180.00 level as German political turmoil dampens enthusiasm for the Euro. Despite positive Eurozone flash Purchasing Managers' Index (PMI) data, the Euro struggles to gain traction due to Germany's political instability. German Chancellor Friedrich Merz's CDU, which is currently below the 5% threshold, may face mid-term replacement in a potential chancellor swap, further destabilizing the currency.
In contrast, the Japanese Yen continues to underperform due to the Bank of Japan's dovish rate hike to a 31-year high, limiting the EUR/JPY pair's downside.
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