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EUR/USD Gets Support from Improving US Fundamentals

July 24, 2020 by

The euro moved up and down against the US dollar today but later got support from the improving macroeconomic indicators reported in the United States.

Markit released its preliminary manufacturing and services PMIs for July. Markit manufacturing PMI rose from 49.8 to 51.3 but was below the median forecast of 52.0. Markit services PMI went up from 47.9 to 49.6, which was also below the median forecast of 51.0. (Event A on the chart.)

New home sales soared to the seasonally adjusted annual rate of 776k in June, up from the revised May rate of 682k (676k before the revision). The increase surpassed the most optimistic expectations of the US dollar bulls as the median forecast for June was only 700k. (Event B on the chart.)

EUR/USD as of 2020-07-24

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