EUR/USD APPEARS OFFERED BELOW THE 1.0700 MARK AHEAD OF DATA

EUR/USD adds to the bearish note seen on Monday.

The greenback starts the week in a firm note.

Flash PMIs, ZEW Economic Sentiment next of note in the region.

Sellers seem in control of the sentiment around the European currency and drag EUR/USD back to the 1.0670/60 region on Tuesday.

EUR/USD now focuses on data releases, dollar

EUR/USD extends the pessimism seen at the beginning of the week and trades slightly on the defensive on Tuesday on the back of the mild recovery in the greenback, as US markets return to the usual activity following Monday’s holiday.

No news on the macro scenario for the pair, which keeps tracking developments/messages from both the European Central Bank (ECB) and the Federal Reserve when it comes to the next decisions on interest rates, particularly beyond the upcoming March events.

In the calendar, Germany’s flash Manufacturing PMI is expected at 46.5 in February (from 47.3) and the Services PMI is seen at 51.3 (from 50.7). Later in the session, advanced PMIs are also due for the broader euro area followed by the Economic Sentiment tracked by the ZEW Institute in Germany and the Euroland. Earlier in the session, New Car Registrations in the EU expanded 11.3% in the year to January.

In the US, advanced Manufacturing and Services PMIs are due followed by Existing Home Sales and a 3-month/6-month Bill Auctions.