Forex: EUR/USD weakens on latest Eurozone updates
_iNVEZZ.com Tuesday July 2nd:_ The euro started a downtrend against the greenback during the Asian session today and so far in European trading has descended to an intraday low at 1.3016.
The latest release for the Eurozone had producer price inflation in May falling more than expected and declining for the third consecutive month.
As reported by Eurostat, the Eurozone PPI eased down by a seasonally adjusted 0.3 percent in May, against expectations for a 0.2 percent drop and April’s fall of 0.6 percent.
On an annual basis, the producer price index fell by 0.1 percent in May (April -0.2 percent).
Meanwhile, the USD has remained firm against the euro, seemingly on the back of yesterday’s numerous US updates.
In particular, Construction Spending for May increased 0.5 percent, as against a revised 0.1 percent gain in April, to be at its highest level in nearly four years.
The ISM Manufacturing PMI in June rose to 50.9 from May’s reading of 49.0 and the ISM Index of Manufacturing Prices rose to 52.5 in June from 49.5 in the prior month.
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