Euro tilted lower during the Asian session to see its fourth session rebound since Feb. 5 against the US dollar upon an anticipated economic developments and data this Tuesday by the The US and Eurozone economies.
At 4:11 am GMT, the EUR/USD dropped 0.11% to 1.1327, while opening at 1.1340, after reaching a low of 1.1325, and a high of 1.1341.
Investors are currently waiting for the Spain to release its service PMI reading, which may show a narrowing to 54.2 versus 54.7 in January, while the same indicator for Italy, the third largest economy in the region, may see contraction to 49.5 versus 49.7 in January.
Prior to germany and france showing their final readings of the service PMI , which may show deflation stabilizing at 49.8 in Frances, with little chang from last month reading, versus a contraction of 47.8 in January and a widening stability at 55.1 in Germany versus 53.0, As well as The final reading of the euro area as a whole may reflect the stability of the widening at 52.3 and against 51.2 in January.
Reaching the release of retail sales reading for the euro area, which could reach 1.3% from 1.6% last December, while the annual reading may show growth accelerating to 2.1% versus 0.8% ,hours from the ECB meeting, during which interest rates are expected to remain at their current zero levels.
And the index of the Institute of Supply Services, which may show a breadth to 57.4 compared to 56.7 in January, and we would like to point out that the service supply is important in the fact that the service sector in America represents more than two thirds of GDP, in conjunction with the disclosure of data The housing market and the release of new home sales, which could reflect a decline of 8.7% to 590 thousand against a rise of 16.9% at 657 thousand in December.