Global macro overview for 04/11/2015:
The Markit Eurozone PMI Services data were released this morning from Spain, France, Italy, and Germany. The Final Eurozone Composite Output Index was at the level of 53.9 (Flash 54.0, September 53.6) and Final Eurozone Services Business Activity Index was at the level of 54.1 (Flash 54.2, September 53.7). This mild grow acceleration at the beginning of the fourth quarter is largely due to the twenty-eighth successive month of expansion in services and the growth rate remains stable at 0.4%. Amid the amount of stimulus that its currently in play (ECB QE program), the growth rate is still frustratingly weak and the ECB might have another reason to expand its QE program soon.
The EUR/USD pair is trading near the lows of the range and the next support is seen at the level of 1.0896.