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EUR/USD Continues to Decline After Week of Losses

November 2, 2020 by

EUR/USD continued to fall today after logging losses every single day last week. The major reason for the decline was uncertainty surrounding the upcoming presidential election in the United States. But the same uncertainty deterred traders from opening many new positions, resulting in quieter-than-usual trading and a limited loss for the currency pair.

Markit manufacturing PMI rose slightly to 53.4 in October from 53.2 in September according to the final estimate. It was in line with analysts’ forecasts and the preliminary estimate of 53.3. (Event A on the chart.)

ISM manufacturing PMI jumped to 59.3% in October from 55.4% in September. Experts were expecting just a small increase to 55.6%. (Event B on the chart.)

Construction spending rose by just 0.3% in September from August, far less than specialists had predicted — 1.0%. The previous month’s increase got a negative revision from 1.4% to 0.8%. (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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