The better-than-expected euro zone PMI and lower-than-expected U.S. PMI data are not reasons to be optimistic about EURUSD, Commerzbank currency analyst Antje Praefcke said in a note. The data are unlikely to change the policy approach of the Federal Reserve and the European Central Bank.
Recent remarks by Fed officials suggest the ECB will do whatever it takes to curb inflation while the ECB remains hesitant. At the same time, the threat of a gas crisis in the euro zone is looming. Convinced that the euro is skewed to the downside, a few data points are not enough to change that view.