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EUR/USD Rises amid Risk Appetite

January 4, 2021 (Last updated on January 7, 2021) by

EUR/USD rose today as the market sentiment was positive, making investors less interested in the safety provided by the US dollar. As for US macroeconomic data, the manufacturing sector continued to expand, accelerating the pace of growth. Construction spending was also rising, though missed expectations slightly.

Markit manufacturing PMI rose from 56.7 in November to 57.1 in December. That was a surprise to analysts, who were expecting a decrease to 56.3. (Event A on the chart.)

Construction spending rose by 0.9% in November from October, missing the consensus forecast of a 1.1% increase. The October increase got a positive revision from 1.3% to 1.6%. (Event B on the chart.)

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