$EURUSD Forex Signal: Outlook Ahead of US Consumer Confidence Data
The EUR/USD pair retreated as traders refocused on the upcoming interest rate decisions by the Federal Reserve and European Central Bank decisions. The Fed’s decision will come out on Wednesday followed by the ECB on Thursday.
The core consumer price index, which excludes the volatile food and energy prices, dropped to 5.5% and 4.8%, respectively. On Monday, data published by S&P Global revealed that business activity in Europe and the US worsened in July. In Europe, the manufacturing PMI dropped from 43.4 in June to 42.7 in July while the services PMI fell from 52 to 51.1. The two figures were worse than what analysts were expecting.
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