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EUR/USD Rises for Third Day Despite Risk Aversion

May 1, 2020 by

EUR/USD gained today, rising for the third consecutive day. The currency pair managed to rally despite the general risk aversion on markets and bad news from the eurozone. As for US economic data, it was mixed, with some reports coming out much better than was expected.

Markit manufacturing PMI sank from 48.5 in March to 36.1 in April. Market participants were hoping that the indicator would remain the same as in the preliminary report — 36.9. (Event A on the chart.)

ISM manufacturing PMI dropped to 41.5% in April from 49.1% in March. Despite the drop, the actual value was above the median forecast of 36.7%. (Event B on the chart.)

Construction spending rose by 0.9% in March, surprising analysts who were anticipating a 3.5% drop. The February reading got a negative revision from a drop of 1.3% to 2.5%. (Event B on the chart.)

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