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Dollar Grows While Construction Spending and Manufacturing ISM Tumble

December 1, 2008 by Andriy Moraru

EUR/USD continued to decline today after falling through the second half of the last week as the demand for the low-risk U.S. dollar and Japanese yen rose. The fundamental indicator that were released in U.S. today signaled nothing positive for the global economy, thus helping the EUR/USD bears. The currency pair is currently trading near 1.2633.

Construction spending decreased by 1.2% in October — somewhat faster than the analytics expected (0.9% decline) after remaining virtually unchanged in September (revised positively from 0.3% drop).

ISM PMI (measure of the U.S. manufacturing sector’s stability) declined from 38.9 to 36.2 in November. Having fallen below 38.0 estimated by the market analysts, the index now resides on the lowest level since May 1982.

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