Euro falls back below 1.1200 as US Dollar dominates despite weaker ISM Services PMI
EUR/USD falls 0.60% on Monday and trades around 1.1190 at the time of writing. The pair remains under pressure as the US Dollar (USD) maintains positive momentum, supported in part by elevated US Treasury yields, while political and fiscal concerns in Europe weigh on the Euro (EUR).
The Euro (EUR) slipped below 1.1200 amid a stronger US Dollar (USD) on Monday, despite a weaker US Industrial Production Services Purchasing Managers Index (PMI). The US Dollar benefited from higher US Treasury yields and continued economic resilience. In the Eurozone, mounting political and fiscal concerns, especially in France and Spain, weighed on the Euro.
The S&P Global Services PMI for September rose to 58.8, while the ISM Services PMI eased to 54.9, but remained above the 50 threshold for expansion. Technical analysis indicated continued bearish momentum for EUR/USD below key moving averages, with potential support around 1.1161.
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