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EUR/USD Drops After Catalan Independence Vote, US Manufacturing

EUR/USD slipped today after Catalonia voted for separating from the rest of Spain in the independence referendum, which was condemned by the Spanish government as unconstitutional and illegal. The solid expansion of the US manufacturing sector drove the currency pair further down.

Seasonally adjusted Markit manufacturing PMI was up from 52.8 to 53.1 in September according to the final estimate. Analysts were expecting the same 53.0 reading as in the preliminary report. (Event A on the chart.)

ISM manufacturing PMI climbed from 58.8% in August to 60.8% in September, while experts were counting on a drop to 57.9%. (Event B on the chart.)

Construction spending rose 0.5% in August from July, close to the increase of 0.4% predicted by forecasts. The July revised reading showed a drop by 1.2%, which was twice the unrevised fall of 0.6%. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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