Australia Exchange foreign exchange market information: The euro is under short-term pressure against the US dollar, maintaining its operation below the 50 moving average

The euro fell against the dollar, although it rebounded slightly after weak manufacturing and services production data in the US and Europe. The European manufacturing PMI rose to 43.7 and the services index fell to 48.3. The composite PMI fell to 47, indicating contraction in both sectors.

The euro fell against the dollar, although it rebounded slightly after weak manufacturing and services production data in the US and Europe. The European manufacturing PMI rose to 43.7 and the services index fell to 48.3. The composite PMI fell to 47, indicating contraction in both sectors.

The US manufacturing PMI fell to 47 from 49.0. Despite higher investment in electric vehicles and semiconductors, it remained in contractionary territory. Meanwhile, the services PMI fell to 51 in August from 52.3 in July.

The EUR/USD currency pair also reacted to the latest U.S. new home sales data. The data showed that new home sales rose 4.4% to 714,000 units in July. It fell 2.8% last month. The number of building permits came in at 1.443M, better than expected at 1.442M.

The figures mean the country's housing sector is performing well despite mortgage rates at their highest level in two decades, with the 30-year average mortgage rate jumping to 7.31 per cent.

The EUR/USD currency pair will respond to several important economic data from the United States. For example, the Bureau of Labor Statistics (BLS) will release the latest figures on initial and continuing unemployment claims.

Focusing on the central bank's annual meeting on Friday, with no interest rate decision this month, the Jackson Hole meeting will provide more information on what to expect in September.

Technical analysis of the euro-dollar currency pair

EUR/USD is in a strong bearish trend after peaking at 1.1273 in July. On the 4-hour chart, it has formed a downward channel, marked in green. On Wednesday it re-tested the lower side of the channel. The pair also fell below the 50-period moving average.

In addition, the pair moved to the midline of the channel. Therefore, the expectation for the pair is a downside, with the next major support level at 1.0800.

At 15:05 Beijing time, the euro was trading at 1.0783/85 against the dollar.