The 18-block euro traded flat against the US dollar on Thursday, after the release of a set of services PMI data from the eurozone. Traders are focusing on the European Central Bank (ECB) meeting which would be followed by a press conference from the bank’s President Mario Draghi later in the day. The market will be paying attention to Draghi’s comments which could set a different direction for the currency pair.
The euro weakened against the greenback, dropping 0.02% lower to $1.3764 at the time of writing.
Euro – Services PMI
A set of services PMI data were released from the eurozone, with the services PMI in Germany dropping to 53 points in March, compared to the previous reading of 55.9 points seen in February.
In France, the country’s services sector climbed towards an expansion rate in March, with the PMI reading rising to 51.5, compared to 47.2 recorded in the previous month.
Italy’s services sector declined in March, with the PMI dropping to 49.5 from 52.9 recorded in February and compared to estimates of 52.3.
The services sector in Spain advanced higher than expected in March, with the services PMI rising to 54 points, surpassing the previous reading of 53.7 points.
The final PMI for the eurozone’s services sector slipped to 52.2 points lower in March, compared to February’s reading of 52.6 points.
ECB Meeting
European Central Bank‘s (ECB) meeting has been the main focus for the market, as the bank is expected to announce its monthly interest-rate decision later in the day. The bank’s officials are expected to maintain its benchmark rate and leave it unchanged at a record low of 0.25%.
“Draghi’s post-rate decision press conference will be closely watched. Recent rhetoric from ECB officials has been generally dovish, and Draghi will likely present a similarly dovish stance,” Lloyds Bank quoted on Thursday.
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