The euro completes a round trip back to the lows of the day
The pair is now trading at 1.2330, touching a session low as a turnaround in sentiment hits the single currency on the day.
The topside for today sees it rejected by the trendline resistance formed from February, but the sentiment shift mainly comes from the fact that we have seen a slew of weaker PMI readings in the Eurozone.
All three of the French, German, and Eurozone PMI readings fell short of expectations and continued to decline from prior month's readings. That continues to suggest that we may have just seen Eurozone growth peak in December last year.
It's not exactly the kind of data points that will give the ECB too much confidence as they seek to only move to normalise policy some time next year. By then, who knows what kind of growth we'll be seeing in the Eurozone economies?
