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EUR/USD Retreats After Rally, Dragged Down by PMIs

November 22, 2019 by

EUR/USD attempted to rally today but failed to hold onto gains and is trading below the opening level now. IHS Markit released a bunch of PMI figures today. Indicators for the eurozone were mixed, while US data was good, beating expectations. Meanwhile, positive comments from Chinese and US officials reignited hopes for a trade deal between the United States and China, which were positive for the dollar.

Both Markit manufacturing PMI and Markit services PMI rose in November according to the flash report. Markit manufacturing PMI rose to 52.2 from 51.3 in October, exceeding the average forecast of 51.5 by a wide margin. Markit serviced PMI rose to 51.6 from 50.6, also beating the market consensus of 51.2. (Event A on the chart.)

Michigan Sentiment Index rose to 96.8 in November from 95.5 in October according to the revised estimate. Analysts were expecting the same 95.7 figure as in the preliminary report. (Event B on the chart.)

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

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