EURUSD turns lower after EU PMIs

The single currency was trading nearly half a percent weaker on Friday, with the EURUSD pair hovering near 1.1810 as traders digested the latest PMI numbers across the eurozone.

German manufacturing PMI improved to 53 in August, up from 51 in July. However, the services sector fell considerably to 50.8 from 55.6 in the previous month. In France, both the manufacturing and services sectors weakened month-over-month.

The whole eurozone’s PMIs also fell, with the manufacturing sector slipping a notch to 51.7, but the services PMI declined from 54.7 to 50.1. Services will most likely remain weak over the next months as the tourism industry is ruined, and many zones and regions are returning to lockdowns amid a resurgence in virus cases.

Earlier Friday, UK retail sales rose more than expected, surged past their pre-coronavirus level in July, showing the strength of consumer demand. Nevertheless, the Pound was trading weaker as the USD seems to be pushing higher today.

Later in the day, US existing home sales are due, along with the US PMIs. 

US stocks will probably post another record day today as nearly every day is bullish.