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EUR/USD Starts February with Losses, US Markit Manufacturing PMI Reaches Record High

February 1, 2021 by

EUR/USD fell during the first trading session of February. While the currency pair has been attempting to rebound, it had little success at the time of writing. The US manufacturing Purchasing Managers’ Index from the Institute of Supply Management was disappointing but far from outright terrible. Other US indicators released on Monday were good. In fact, the Markit manufacturing PMI reached a record high.

Markit manufacturing PMI hit a record high of 59.2 in January, rising from 57.1 in December, according to the final estimate. The actual reading was close to market expectations and the preliminary figure of 59.1. (Event A on the chart.)

ISM manufacturing PMI dropped to 58.7% in January from 60.7% in December, noticeably below the median forecast of 60.0%. (Event B on the chart.)

Construction spending rose by 1.0% in December from November, exceeding the 0.8% rate of growth predicted by analysts. The indicator increased by 1.1% the month before. (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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