EUR/USD retreats on T-yields, disappointing EU data

EUR/USD reverses course at 50-DMA, sliding below 1.0600 as US Treasury bond yields rise.
US economy gains momentum with S&P Global Manufacturing PMI at 50 and Services PMI at 50.9.
Eurozone business conditions continue to deteriorate, with Manufacturing, Services, and Composite PMIs in recessionary territory.

EUR/USD reverses its course at the 50-day moving average (DMA) and slides below the 1.0600 psychological level as Treasury bond yields in the United States (US) rise following business activity data. At the time of writing, the EUR/USD is trading at 1.0591 after hitting a high of 1.0694, down 0.72%.

EUR/USD trades at 1.0591, down 0.72%, as positive US data contrasts with Eurozone’s economic struggles
The US economy continues to gather momentum, as revealed by S&P Global, as business activity picked up, according to the latest Purchasing Management Index (PMI) reports.

S&P Global Manufacturing PMI expanded by 50, exceeding the forecast of 49.5, while the Services component stood at 50.9, above the projected 49.8. Consequently, the S&P Global Composite PMI was above the prior’s 50.2 figure at 51.