The EUR/USD pair fell to a fresh 2-week low of 1.1289 in the US session, as stronger-than-expected US data gave the greenback the push it needed to break higher. Despite starting the week with the wrong footing, the American dollar managed to recover ground on a bout of risk aversion, retaining its strength despite the market's sentiment deteriorated mid-Monday, indicating that somehow, the market is making its mind in favor of the dollar, in an environment characterized by slowing economic growth and neutral central banks. Markit released the final versions of February Services PMI for both economies, with the EU one revised up to 52.3, while the Composite index printed 51.9, indicating firmer growth in the private sector economy when compared to January, according to the official report. Also, Retail Sales in the Union came in better-than-expected in January, rising by 1.3% MoM and by 2.2% YoY. However, positive EU data failed to boost the pair, which extended its decline after US figures came upbeat. The Markit Services PMI came slightly below the market's estimate of 55.8, printing 55.5, although the official index, the ISM Non-Manufacturing PMI printed 59.7 from 56.7 in January, its biggest gain in a year.
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