The selling bias around the single currency stays everything but unabated so far today, with EUR/USD recording fresh multi-week lows in the vicinity of 1.1120.
The pair gained extra downside momentum after advanced prints from manufacturing PMIs in core Euroland are expected to deteriorate further in July.
In fact, the French PMI came in at 50.0 (vs. 51.6 forecasted), the German gauge is seen dropping to 43.1 (vs. 45.1 previously estimated) and the flash print in the broader euro area is forecasted to drop to 46.4 (vs. 47.6 anticipated).
Further publications saw the M3 Money Supply in the region expanding at an annualized 4.5%, also coming in short of expectations.
In a context where the greenback keeps dominating the sentiment, spot is expected to remain under heavy pressure in the next hours ahead of the ECB event and amidst increasing bets of an announcement of looser monetary conditions in the region.
Source : FX Street