EUR/USD: Next bearish target aligns the September 2002 low near 0.9615 – BBH

EUR/USD has tested 0.9900. Economists at BBH expect the pair to head lower towards the September 2002 low near 0.9615.

Preliminary eurozone August PMI readings continue to weaken

“The euro remains heavy and traded at new lows for this move near 0.9900. The next near-term target is the September 2002 low near 0.9615.” 

“Headline manufacturing came in at 49.7 vs. 49.0 expected and 49.8 in July, services came in at 50.2 vs. 50.5 expected and 51.2 in July, and the composite came in at 49.2 vs. 49.0 expected and 49.9 in July.”