The US Dollar experienced a surge across the board after the release of the S&P Global PMI, causing the EUR/USD to fall below 1.0950. The Composite PMI for April was expected to be at 52.8, however, it was reported as 53.5, the highest in 11 months, with both the Manufacturing and Service PMI surpassing expectations. US yields jumped to daily highs, causing the DXY to turn positive and rise towards 102.00, while the EUR/USD fell to 1.0941 from 1.0993. The preliminary April PMI for the Euro Zone showed mixed numbers, with Manufacturing hitting its lowest level since May 2000 and Service rising to its strongest since April 2022. The EUR/USD could continue to trade sideways above 1.0930, while a break below would leave the Euro vulnerable to more losses. The next support level for the pair stands at 1.0880.
