Euro drops against dollar on weak data

Euro fell against US dollar during trading hours today after the release of disappointing data, while the US currency rose on upbeat trade remarks.

President Donald Trump said the US and China have a very good chance to make a deal soon, and Chinese President, Xi Jinping, confirmed that the two countries are in close contact, but will not shy away from retaliation to any trade threats if necessary.

While markets are eagerly awaiting more signals on the date of signing the interim trade agreement between the two countries, especially after news of a delay until next year.

Eurozone service PMI fell to 51.5 points in Oct. vs 52.4 in Sept, while the manufacturing PMI rose to 46.6 points vs. 46.4.

EUR/USD fell by 0.3% to 1.025 as of 19:39 GMT, the pair hit an intraday high of 1.1089 and a low of 1.1022.