A macro backdrop of recession doesn’t mean EUR/USD is heading lower, says Derek Halpenny, head of research at MUFG. “A level of 1.0500 for EUR/USD in large part we believe captures the current divergence between the euro-zone and the U.S.,” he says in a note. The purchasing managers indices from the U.S were the complete contrast of the PMIs in the eurozone, he says, adding that all three PMIs in the U.S. were stronger than expected. Halpenny says that at around 1.0600, there is still a case to argue euro resilience. EUR/USD is last 0.1% lower at 1.0584.