Euro zone's PMI slows, but euro holds gains

Since the technical situation on the EURUSD pair seems bullish, investors also focus on some macro data on Friday, mainly the preliminary PMI numbers for September.

The German Markit Services PMI rose notably to 56.5 in September, up from 55.0 previously, however, the manufacturing sector decelerated markedly from 55.9 to 53.7. Therefore, the German composite PMI dipped to 55.3 in September from 55.6 in August.

The services index for the euro zone as a whole ticked higher to 54.7 from 54.4 in the previous month, but the manufacturing sector slowed from 54.6 to 53.3. Overall, the composite PMI slid to 54.2 from 54.5 in August. The single currency eased slightly after these numbers.

Later in the day, the same indicators are expected from the US, with both the sectors seen improving in September, which could be positive for the greenback.

Also, Canadian inflation numbers will be released and the market expects a slight downtick in the inflation rate. On the plus side, Canadian retail sales are forecast to improve month-on-month. Mixed data might cause some zig-zag movement on the USDCAD pair.

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