Christin Tuxen, chief analyst at Danske Bank, explains that towards the end of last week, EUR/USD dropped back below 1.13 following another disappointing PMI reading out of the euro zone with US figures, also coming out on the weak side.

“Continued upward pressure on oil and continued support for equities helped to stabilise the cross though. We look for EUR/USD to stay close to 1.13 on 3M. Calendarwise, the next big movers are not until next week.”