EUR/USD retreats following Upeat Services PMI

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EUR/USD falls below 1.08 after upbeat US Services PMI reading.
Earlier this Monday, preliminary PMI data for March from Germany, France and the overall Eurozone comes in mixed.
Markets brace for comments from US President Trump as another cabinet meeting is called for on Monday.
The EUR/USD dips lower and snaps 1.08 after the March preliminary United States (US) Purchase Manager’s Index (PMI) reading came in stronger on the Services sector than expected. Overall, the pair is expected to stay around 1.08 for now after United States (US) officials commented on Monday that the upcoming reciprocal tariffs will rather be targeted by sector and country, not at all simply broad-based as US President Donald Trump had originally announced.

Meanwhile, on the economic data front, the preliminary Purchasing Managers Index (PMI) for March is being released on Monday. In the old continent, S&P Global and Hamburg Commercial Bank (HCOB) PMIs have been upbeat in France, beating estimates and February’s readings in both the manufacturing and services sectors, but they still signal contraction. Meanwhile, results for Germany and the overall Eurozone have been mixed. The US PMI reading was an upbeat surprise for the Services sector while the Manufacturing sector fell into contraction.

The EUR/USD exchange rate slipped below the 1.08 mark this Monday, driven by a stronger-than-anticipated U.S. Services PMI reading for March. The preliminary U.S. Purchasing Managers’ Index (PMI) data revealed a robust performance in the services sector, overshadowing a contraction in manufacturing and prompting the currency pair to dip lower. Earlier in the day, mixed PMI figures emerged from Europe, with France showing unexpected strength in both manufacturing and services—despite still indicating contraction—while Germany and the broader Eurozone presented a more uneven picture. These developments set the stage for heightened market attention on U.S. policy moves, particularly as President Donald Trump convened another cabinet meeting.

Markets are now closely watching for remarks from Trump, especially after U.S. officials clarified that forthcoming reciprocal tariffs would be more targeted—focused on specific sectors and countries—rather than the broad-based measures the president had initially proposed. This shift in tone has led analysts to predict that the EUR/USD will likely hover around the 1.08 level for the time being, as traders weigh the implications of these calibrated trade policies against the backdrop of mixed global economic signals.

On the economic data front, Monday’s preliminary PMI releases painted a varied landscape. In Europe, S&P Global and Hamburg Commercial Bank (HCOB) reported that France’s PMI readings exceeded both February’s figures and market expectations, offering a glimmer of optimism even though the numbers still reflected contraction. Germany and the Eurozone as a whole, however, delivered a less consistent performance, with results that failed to inspire confidence. Across the Atlantic, the U.S. surprised markets with a buoyant Services PMI, though this was tempered by a manufacturing sector that slipped into contraction. As these data points ripple through the markets, the EUR/USD’s near-term trajectory remains tied to both economic fundamentals and the evolving rhetoric from Washington.