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EUR/USD Rallies on COVID-19 Vaccine News, Falls After US PMIs

November 23, 2020 by

EUR/USD was rallying on Monday as positive news about the COVID-19 vaccine continued to come out. But the currency pair failed to maintain its rally and has fallen below the opening level by now. One of the possible reasons for the decline were the flash Markit PMIs, which showed an unexpected improvement.

Markit manufacturing PMI climbed from 53.4 in October to 56.7 in November according to the flash estimate. Markit services PMI rose from 56.9 to 57.7. That was a total surprise to analysts, who were expecting a drop for both indices, to 52.5 for manufacturing and 55.8 for services. (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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