On Tuesday, EURUSD remains weak; market players like the USD more right now.
The major currency pair is falling on Tuesday afternoon, although not as fast as yesterday. The current quote for the instrument is 1.0989.
At the beginning of this week, the statistics are against the Euro. Preliminary reports on the Euro Area Services PMI showed 52.0 points in September after being 53.5 points in the previous month and against market expectations of 53.1 points. By the way, the similar report from Germany also wasn’t impressive: it dropped from 54.8 points in August to 52.5 points this month.
Such weak reports revived rumors about problems in the European economic system. It’s been only two weeks since the European Central Bank announced a continuous stimulus program. However, everyone understands that this time wasn’t enough to improve the statistics, but still, expectations were higher than the current numbers.
Yesterday, the ECB Governor Mario Draghi said that the constant decline in the industrial production might influence all other sectors of the European economy. Right now, even the system itself shows no signs of a possible rebound.