Latest data released by Markit - 24 October 2018

  • Prior 53.2
  • Services PMI 53.3 vs 54.5 expected
  • Prior 54.7
  • Composite PMI 52.7 vs 53.9 expected
  • Prior 54.1

The misses here are much expected as we had the weaker German readings earlier and that weighs heavily on the overall Eurozone prints. Nonetheless, the euro is brought lower still with EUR/USD touching a low of 1.1418 on the back of the release here.

This opens up a potential slippery slope in the pair as the 9 October low @ 1.1432 is now broken. Bids sit at 1.1400 but there isn't much support in the way of testing the year's low @ 1.1301 on the daily chart. The key risk event left this week will be the ECB and Draghi tomorrow.