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EUR/USD Flat on Monday

EUR/USD was almost flat on Monday even as ECB chief economist Peter Praet signaled in an interview that additional monetary accommodation is unlikely. On top of that, growth of US manufacturing sector slowed last month, but even that did not boost the currency pair considerably. The possible reason for that is concern among investors about the economic and political situation in Europe.

Markit manufacturing PMI fell from 54.2 in February to 53.3 in March. The actual reading was close to the preliminary estimate of 53.4 and the consensus forecast of 53.5. (Event A on the chart.)

ISM manufacturing PMI slid from 57.7% in February to 57.2% in March, matching forecasts exactly. (Event B on the chart.)

Construction spending grew 0.8% in February from January, a bit less than analysts had predicted (1.0%). The drop in January was revised from 1.0% to 0.4%. (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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