Euro Trades Sideways Despite Upbeat Euro Area Flash PMI Prints

The  euro today traded sideways against the  US dollar as  the  market sentiment remained subdued despite the  release of  multiple PMI prints from the  euro area by  Markit Economics. The  EUR/USD currency pair did not react to  the  US PMI releases as  well amid a  lack of  volatility in  the  markets as  the  week comes to  an  end.
The  EUR/USD currency pair today traded between a  low of  1.1581 and  a  high of  1.1621 and  was near the  top end of  the  range at  the  time of  writing.
The  currency pair today traded sideways as  the  bulls, and  the  bears fought for  control with no side having an  edge. The  release of  the  upbeat Markit flash Germany manufacturing PMI for  July, which came in  at  50 versus the  expected 48 had a  muted impact on  the  pair. The  upbeat Markit Germany Services PMI also did not move the  pair. The  positive Markit Eurozone Services PMI, which came in  at  55.1 as  compared to  analysts estimates set at  51 also had a  minimal impact on  the  single currency. The  pair also ignored the  upbeat Markit flash France Services PMI, which was recorded at  57.8 versus the  consensus estimate of  52.3.
The  release of  the  downbeat Markit flash US Manufacturing PMI, which came in at 51.3 missing consensus estimates set at 51.5 boosted the pair. The weak US PMI prints caused the  US Dollar Index to  hit a  low of  94.45, causing the  pair to  rally higher.
The  currency pair’s future performance is likely to  be affected by  geopolitical events over the  upcoming weekend.
The EUR/USD currency pair was trading at 1.1634 as at 14:31 GMT, having rallied from a low of 1.1581. The EUR/JPY currency pair was trading at 123.12, having dropped from a high of 123.88.
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