Home / Forex & Currency Exchange News / EUR/USD Slips as US Economic Data Supports Greenback

EUR/USD Slips as US Economic Data Supports Greenback

EUR/USD fell today as economic reports released in the United States in the course of the trading session beat market expectations. FOMC policy minutes had no big revelations, but the currency pair slid after they were released nonetheless.

ISM manufacturing PMI climbed from 58.2 in November to 59.7 in December, while analysts had expected the index stay little changed. (Event A on the chart.)

Construction spending rose 0.8% in November from October versus the forecast increase by 0.6%. The previous month’s increase was revised down from 1.4% to 0.9%. (Event A on the chart.)

FOMC minutes did not provide many new insights. (Event B on the chart.) The Committee members expressed worries about persistently low inflation but voiced confidence that it will rise to the central bank’s target eventually:

The Committee modified the previous statement language to make clear that it expects that inflation will rise gradually toward 2 percent as the labor market improves further and the transitory effects of lower energy prices and other factors dissipate.

Yesterday, a report on Markit manufacturing PMI was released. It showed an increase from 53.9 in November to 55.1 in December, according to the final estimate. It was about the same as market expectations and the preliminary figure of 55.0. (Not shown on the chart.)

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

Posted on Forex blog. Click Here For Original Source Of The Article

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.

Check Also

Chinese Yuan shows resilience, despite emerging markets pressured by trade concerns

Article by ForexTime Conflicting indications over the status of trade talks between the United States and China has contributed towards a subdued opening of the week for financial markets. Reports that President Donald Trump will most likely impose tariffs on $200 billion worth of Chinese goods have collided with other reports that Beijing was considering […]

Leave a Reply

Your email address will not be published. Required fields are marked *