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Difference Between US & Europe’s Manufacturing Drives EUR/USD Up

February 3, 2014 by Vladimir Vyun

EUR/USD went up today on manufacturing data from the United States and Europe. The eurozone manufacturing index climbed (event A on the chart), while the US gauge was surprisingly weak. This difference allowed the euro to gain on the dollar.

ISM manufacturing PMI fell from 56.5% in December (revised from 57.0%) to 51.3% in January. The actual slump was much bigger than the predicted drop to 56.2%. (Event B on the chart.)

Construction spending rose just 0.1% December from November, compared to the analysts’ estimate of 0.3% and the November’s increase of 0.8%. (Event B on the chart.)

EUR/USD-2014-02-03

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

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