The EUR/USD pair is maintaining its position within a horizontal range.
The main currency pair continues to experience a consolidation phase this Thursday, with the current EUR/USD exchange rate at 1.0875.
Yesterday's data from the eurozone presented a mixed picture. The manufacturing PMI for January increased to 46.6 points, up from the previous 44.4 points, while the services PMI declined to 48.4 points from the earlier 48.8 points.
These fluctuations might be attributed to the early stages of the year and a seasonal slowdown in the non-manufacturing sector.
In contrast, the US reported robust figures, with the services PMI climbing to 52.9 points in January, compared to the prior 51.4 points. The manufacturing PMI reached 50.3 points, though it fell short of surpassing the significant 50-point threshold, indicating a shift from contraction to expansion. This development is viewed positively.
Today carries significance as the US is set to unveil the initial GDP estimate for Q4 2023. Anticipated to be half the growth rate of the previous quarter, this release is likely to inject high volatility into the EUR/USD pair.