Euro, yields dip on softer French and German PMI readings ...Middle East

EUR/USD has fallen from 1.0705 to 1.0670 levels on the day, following the softer PMI reports from France and Germany. It reinforces the notion that the economic resilience in Q1 may be a short-lived one. And this may put pressure on the ECB to cut rates sooner rather than later in Q3 this year.Looking at price action in EUR/USD, the pair is inching towards last week's low of 1.0667. That is one key short-term level to watch on the chart at least. Adding to that, there are large option expiries hanging at 1.0650-60 on the day. And that could offer some interest in holding a stronger downside break, at least until we get to US trading.Besides the euro, bond yields are also slipping on the day

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