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EUR/USD Rises amid Fears of Slowing US Economic Growth

October 3, 2019 by

EUR/USD extended its rally today as fears of potentially slowing economic growth in the United States hit the US dollar. Today’s data fueled such concerns as the report from the Institute for Supply Management showed that expansion of the services industry slowed last month more than was expected.

Initial jobless claims were at a seasonally adjusted level of 219k last week, while market participants were expecting them to stay at the previous week’s revised level of 215k. (Event A on the chart.)

Markit services PMI rose slightly to 50.9 in September from 50.7 in October according to the final estimate, in line with the preliminary estimate and analysts’ forecasts. (Event B on the chart.)

ISM services PMI fell to 52.6% in September from 56.4% in August, below the market consensus of 55.1%. (Event C on the chart.)

Factory orders decreased by 0.1% in August. That is compared with the forecast drop of 0.5% and an increase of 1.4% registered in the previous month. (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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