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Euro slips under 1.1200 as dollar stays supported

EUR/USD fell 0.6% to about 1.1190, with US data showing resilient business activity and CME FedWatch placing only around a 20% chance of an October rate hike.

Reported · Written up by our desk · Major Pairs

The euro slid back below 1.1200 versus the US dollar, with EUR/USD down 0.6% to around 1.1190, according to FXStreet.

The report said the dollar’s momentum is supported by elevated US Treasury yields and by political and fiscal concerns weighing on the euro.

FXStreet cited US business data released on Monday, including an S&P Global Services PMI revised slightly higher to 58.8 for September, while the ISM Services PMI eased to 54.9 from 55.4 in August.

It also noted that the CME FedWatch tool assigns about a 20% chance of a Federal Reserve rate increase at the October meeting, down from nearly 70% a week earlier, while inflation risks still keep further tightening on the table.

Latest closeEUR/USD 1.126 ▼0.6%

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