EUR/USD holds firm as mixed PMI signals keep Dollar on the defensive

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EUR/USD steadies near two-week highs as traders assess mixed US and Eurozone PMI readings.
ISM Manufacturing PMI falls to 48.2, signalling a deeper contraction, while S&P Global PMI rises to 52.2.
US Dollar recovers modestly from two-week lows but remains pressured by expectations of a December Fed rate cut.

The Euro (EUR) steadies against the US Dollar (USD) on Monday, with EUR/USD hovering near two-week highs reached earlier in the day as traders digest the latest ISM Manufacturing Purchasing Managers Index (PMI) data. At the time of writing, EUR/USD is trading around 1.1631, extending gains for the sixth straight day.

Rising expectations of another interest rate cut by the Federal Reserve (Fed) at the December 9–10 monetary policy meeting continue to weigh on the US Dollar. The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is trading around 99.20, after slipping to two-week lows near 99.01.

Fresh US data offered mixed signals for the US Dollar. The ISM Manufacturing PMI fell to 48.2 in November, the lowest in four months, down from 48.7 in October and undershooting the 48.6 forecast. The report confirmed that the sector contracted for the ninth consecutive month.

The New Orders Index also weakened, dropping to 47.4 from 49.4, marking its third straight month of contraction after a brief rise in July. The Employment Index fell to 44 from 46, while the Prices Paid Index remained in expansion, edging up to 58.5 from 58.

In contrast, the S&P Global US Manufacturing PMI painted a more positive picture. The index rose to 52.2 in November from 51.9, marking a fourth straight month of expansion and signalling improving operating conditions. The survey noted a solid rise in production and a further increase in employment, although demand growth slowed and export orders declined for a fifth month.

On the Euro side, the latest HCOB Eurozone Manufacturing PMI highlighted continued softness across the region. The headline PMI slipped to 49.6 in November from 50 in October and slightly below the 49.7 forecast, marking a five-month low.

Looking ahead, traders will shift focus to key macro releases this week. The Eurozone Core Harmonized Index of Consumer Prices (HICP) preliminary reading is due on Tuesday, followed by the Eurozone Composite PMI, Services PMI, and Producer Price Index (PPI) on Wednesday.

In the US, attention will turn to the ADP Employment Change report and the ISM Services PMI, both scheduled for Wednesday, before the spotlight moves to the Personal Consumption Expenditure (PCE) inflation report on Friday.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Canadian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.25%	-0.06%	-0.71%	-0.04%	-0.07%	-0.05%	-0.10%
EUR	0.25%		0.20%	-0.40%	0.21%	0.18%	0.20%	0.15%
GBP	0.06%	-0.20%		-0.60%	0.00%	-0.02%	0.00%	-0.05%
JPY	0.71%	0.40%	0.60%		0.60%	0.57%	0.60%	0.54%
CAD	0.04%	-0.21%	-0.01%	-0.60%		-0.03%	-0.00%	-0.06%
AUD	0.07%	-0.18%	0.02%	-0.57%	0.03%		0.03%	-0.03%
NZD	0.05%	-0.20%	-0.00%	-0.60%	0.00%	-0.03%		-0.06%
CHF	0.10%	-0.15%	0.05%	-0.54%	0.06%	0.03%	0.06%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).