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EUR/USD Rises on Last Trading Day of November

November 30, 2020 by

EUR/USD rose on the last trading day of the month. With no clear theme on markets today, it was hard to pinpoint the exact reason for the rally. Some market analysts speculated that the dollar was weak due to risk appetite and the rally of global stocks. Others thought that the outlook for the Federal Reserve to expand the size of asset purchases was driving the greenback down. As for US macroeconomic reports released today, they were poor. The week will be rich in terms of US macro releases. The most important of them should be nonfarm payrolls due for release on Friday.

Chicago PMI dropped from 61.1 in October to 58.2 in November, below the forecast level of 59.4. The index stood at the lowest level since August but remained firmly in the expansionary territory. (Event A on the chart.)

Pending home sales dropped by 1.1% in October from September. That was a nasty surprise to economists as they were expecting an increase at the same rate. The previous month’s decline got a revision from 2.2% to 2.0%. (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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