EURUSD is falling. Overview for 23.05.2023

The market’s most traded currency pair remains under pressure. The current EURUSD quote is 1.0800.

Investor attention is still focused on the negotiations between the White House and Congress. Stock market commentators say that the sides are gradually moving towards a consensus. This would be good, considering there is very little time left to sign even a framework agreement to raise the national debt limit.

This morning saw individual Eurozone countries already presenting business activity figures for the manufacturing and non-manufacturing sector for May, although these PMI statistics are preliminary. In Germany, the services PMI recorded an increase to 57.8 points from 56.0 previously. In France, the index dropped to 52.8 points from 54.6 points. So far, both indicators are above the psychologically important level of 50.0 points which distinguishes a decline from growth.

Later in the day, the Eurozone will be publishing similar statistics, and these might be mixed.

In the afternoon, the US is to publish the preliminary Markit PMI in manufacturing and services. A fresh report on new home sales in April is also due today.