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EUR/USD Heads to Weekly Gain

October 23, 2020 by

EUR/USD rose today, heading to a weekly gain. Some market analysts explained the weakness of the US dollar by the rally in global stock markets, which made the greenback less attractive in its role as a safe haven. PMIs released for the United States today were good but that was not enough to support the US currency.

Flash Markit manufacturing PMI was at 53.3 in October, little changed from September’s reading of 53.2, and close to the median forecast of 53.5. Flash Markit services PMI climbed to 56.0 from 54.6, whereas experts were expecting it to stay about unchanged. (Event A on the chart.)

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

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