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EUR/USD Rebound After Falling on Thursday

September 3, 2020 by

EUR/USD fell during Thursday’s session but has rebounded to trade flat by the end of Thursday’s trading. US macroeconomic data released over the session was mixed.

Initial jobless claims rose to 881k last week from the previous week’s revised level of 1,011k (1,106k before the revision). Analysts had predicted a smaller decrease to 955k. (Event A on the chart.)

Nonfarm productivity increased by 10.1% in Q2 2020, whereas analysts had predicted a smaller increase of 7.3%. The indicator fell by 0.9% in the previous quarter. (Event A on the chart.)

Trade balance widened to $63.6 billion in July, up from June’s revised figure of $53.5 billion. Economists were expecting a smaller decrease to $58.2 billion. (Event A on the chart.)

Markit services PMI rose from 50.0 in July to 55.0 in August according to the final estimate. Market participants were counting on the same 54.8 reading as in the preliminary estimate. (Event B on the chart.)

Meanwhile, ISM services PMI fell from 58.1% in July to 56.9% in August. The value was within market expectations. (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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