Euro Trades Flat Despite Upbeat PMI Data Ahead of US Midterm Elections

The  euro today largely traded sideways against the  US dollar alternating between gains and  losses as  markets awaited the  results of  today’s US midterm elections. The  euro failed to  rally significantly following the  release of  several positive PMI prints from across the  euro area by  Markit Economics, instead, it headed lower driven by negative sentiment.
The  EUR/USD currency pair today traded between a  low of  1.1391 and  a  high of  1.1426 and  was within this range at  the  time of  writing.
The  currency pair started today’s session trading in  a  tight range before breaking to  new highs in  the  late Asian session due to  improved market sentiment. The  pair’a rally extended into the  early European session due to the favorable market sentiment. The  release of  the  German factory orders for  September by  the  Federal Statistical Office had a  muted impact on  the  pair despite the  print recording 0.3% growth. The  pair rallied slightly despite the  release of  the  weak Markit France services PMI and  the  Markit Italy Services PMI. The  upbeat Markit Germany services PMI, which came in  at  54.7 beating expectations by  1.1 did not boost the  pair.
The  positive Markit eurozone services PMI also had a  muted impact on  the  pair. The  pair’s movements today are largely driven by  the  constantly shifting investor sentiment.
The  currency pair’s future performance will largely be determined by  the  outcome of  the  US midterm elections with markets currently pricing-in a  split Congress.
The  EUR/USD currency pair was trading at  1.1421 as  at  12:46 GMT having rallied from a  low of  1.1391. The  EUR/JPY currency pair was trading at  129.26 having risen from a  low of  128.84.

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