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EUR/USD Rise on European PMI

February 5, 2013

EUR/USD rose today as the eurozone composite Purchasing Managers’ Index pleasantly surprised traders by rising, while no change was expected. (Event A on the chart.) Yesterday, the currency pair sank amid political turmoil in Spain and Italy. The reports from the United States were not particularly good, but were not terrible either.

ISM services PMI rose 55.2% in January, matching forecasts exactly. The December growth was 56.1%. (Event B on the chart.)

Yesterday, a report on factory orders was released, showing an increase by 1.8% in December, somewhat smaller than the predicted 2.3%. The November change was revised from 0.0% to -0.3%. (Not shown on the chart.)

EUR/USD for 2013-02-05

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