XE Market Analysis: North America – Apr 04, 2019

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Narrow ranges have been prevailing among the main Dollar pairings and associated cross rates, while global equity markets have sputtered and oil prices have pulled back from the five-month highs that were seen yesterday. German February manufacturing orders unexpectedly slumped 4.2% m/m in February, which, while putting a little weighted on the bearish end of the EUR-USD scales, followed data yesterday showing U.S. service-sector activity to be at a 19-month low in March. Both sets of data have served to take the zeal out of the recent risk-on phase.