The 18-bloc euro traded slightly flat against the US dollar after the eurozone’s largest economy, Germany; posted its final services PMI for February, showing another improved reading. While investors focus on the ECB meeting scheduled for Thursday.
Germany’s final PMI in the services sector climbed to 55.9 points in February, compared to the previous figure of 53.1 seen in January. The preliminary data released two weeks ago showed the gauge at 55.4 points, a three month high and compared to market forecasts of 53.4 points.
The euro traded flat at $1.3741 against the US dollar at the time of writing, holding on to the previous session’s tight range.
The euro is expected to remain near $1.3750, according to a research note from UniCredit, ahead of the European Central Bank meeting, with the central bank expected to maintain its benchmark interest rate.
Euro – Ukraine
Following the ongoing conflict between Russia and Ukraine, the US Secretary of state John Kerry arrived Kiev on Monday and is expected to meet up with the Russian Foreign Minister Sergei Lavrov in Paris on Wednesday, to discuss the situation after threatening Russia with visa bans, sanctions and to remove the country from the G8.
Meanwhile, the North Atlantic Treaty Organization (NATO) and Russia is expected to hold talks in Brussels regarding the turmoil with hopes to prevent any possible violence or war between the countries.
The euro dropped to its weakest level this week against the US dollar on Wednesday, following the release of the positive data from the eurozone’s strongest economy, Germany; while the market focus on the European Central Bank (ECB) meeting and their decision on its benchmark interest rate.
The market is also focusing on the conflict between Ukraine and Russia in the Crimea peninsula, which has stirred tensions between Russia and the western powers.
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