EUR/USD: Helped by PMI revisions ahead of French conf vote – Scotiabank

Final Eurozone November Composite and Services PMIs were revised up a little from the preliminary data (48.3, from 48.1 and 49.5, from 49.2 respectively). Firm intraday support below 1.05 is holding the EUR in a tight, sideways range, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

EUR steady around 1.05

“Positive French data revisions did all the heavy lifting. Attention remains on France ahead of today’s parliamentary no-confidence motion. A steady EUR and stable French assets suggests investors are less concerned by the risks around the vote this morning.”

“President Macron urged lawmakers not to topple the government and he said yesterday that he will not resign before his term ends in 2027.”

“Firm intraday support below 1.05 is holding the EUR in a tight, sideways range but the bid is not really strong enough to drive more gains at the moment. Absent a stronger move higher to test resistance in the 1.0590/95 area, the EUR may drift back to the mid-1.04s.”