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EUR/USD Falls as Dollar Recoups Losses

August 3, 2020 by

EUR/USD fell for the second trading session today as the US dollar was among the strongest currencies on the Forex market on Monday. Market analysts pointed out that the currency has experienced the worst monthly performance in a decade last month and might have become oversold in the process. Decent US manufacturing PMIs were helping the greenback too, though the report from Markit missed expectations a bit.

Markit manufacturing PMI rose to 50.9 in July from 49.8 in June according to the final estimate. Markets were expecting the reading to be unchanged from the preliminary estimate of 51.3. (Event A on the chart.)

ISM manufacturing PMI climbed to 54.2% in July from 52.6% in June, exceeding the average forecast of 53.6%. (Event B on the chart.)

Construction spending fell by 0.7% in June from May. That is compared with the market consensus of a 1.0% increase. The previous month’s drop got a revision from 2.1% to 1.7%. (Event C on the chart.)

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

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