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Euro Recovers Against USD After ISM PMI and Construction Spending

September 4, 2007 (Last updated on December 1, 2009) by

EUR/USD regained part of its losses, received earlier this day and yesterday, after some important but not encouraging data from United States. EUR/USD is still in the flat zone (speaking in long terms), but some strong intraday volatility hints for possible breakout with the direction still unknown.

PMI index by Institute for Supply Management (ISM) was reported today and came out by 0.1 point lower than expected decrease from 53.8 to 53.0 — at 52.9 level. This can hint for a probably weak position of the U.S. manufacturing sector, which will show itself in the later months.

Construction spending in July fell by 0.4% compared to the June amounts. It was much worse than the expected 0.1% fall. So the crisis in the real estate sector continues in time and strengthens in powers without any signs of recovering with all those money interventions by Fed.

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