EUR/USD continues to face downward pressure.
Thursday brings little change for the major currency pair. The current exchange rate for EUR/USD is holding at 1.0870.
US economic data paints a mixed picture. Despite more optimistic forecasts, the preliminary services PMI from Markit dipped to 51.00 points in August, down from the previous 52.30 points. Meanwhile, the manufacturing PMI also fell to 47.00 points from 49.00 points.
This slowdown in business activity is attributed to both pro-inflationary factors and the broader economic uncertainty in the United States.
As we approach the pivotal speech by US Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, the US dollar remains relatively stable. However, we could see increased volatility in the major currency pair by Friday.
Today’s focus will be on the durable goods orders statistics for July.
The post The US Dollar Appears Robust – Overview for August 24, 2023 appeared first at R Blog – RoboForex.