FX.co ★ Euro Steadies Amid Mixed PMI Data and Trade Uncertainty

In recent market movements, the euro traded just under the $1.175 mark as investors evaluated mixed Purchasing Managers' Index (PMI) data from Europe's major economies and considered the possible effects of ongoing trade tensions concerning Greenland. Data from S&P Global indicated that private sector activity in the eurozone expanded in January, albeit at a slightly slower rate than anticipated. This slower growth in services was partially counterbalanced by a less severe decline in manufacturing. Notably, Germany reported stronger-than-expected growth for the month, while France saw its business activity unexpectedly fall into contraction, driven by a decline in services that overshadowed gains in manufacturing. Meanwhile, geopolitical uncertainty continues to loom large. U.S. President Donald Trump announced that he would hold off on implementing tariffs on goods from European nations that oppose his plan to acquire Greenland. He also mentioned that a "framework for a future deal" had been negotiated following discussions with NATO Secretary-General Mark Rutte, although specific details were not disclosed.