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EUR/USD Falls as ISM Manufacturing PMI Returns to Expansion

EUR/USD fell today after the manufacturing Purchasing Managers’ Index from Institute for Supply Management rose above the neutral 50.0 level, suggesting that the US manufacturing index turned from contraction to expansion. The report from Markit also confirmed that the sector is expanding. Meanwhile, construction spending demonstrated an unexpected drop.

Markit manufacturing PMI fell from 52.0 in August to 51.5 in September according to the final estimate, in line with the preliminary reading and analysts’ estimate of 51.4. (Event A on the chart.)

ISM manufacturing PMI rose from 49.4 in August to 51.5 in September, returning into expansionary territory. Experts had predicted a smaller gain to 50.4%. (Event B on the chart.)

Construction spending fell 0.7% in August from July while analysts had promised an increase by 0.3%. The indicator was up 0.3% in July. (Event B on the chart.)

EUR/USD as of 2016-10-03

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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