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EUR/USD Backs Off During Monday’s Trading

November 2, 2015 by

EUR/USD retreated on Monday after two sessions of gains even though manufacturing reports released from Europe today were rather good. US manufacturing also showed decent performance. All in all, Monday’s economic data did not provide surprises, being in line with expectations. Traders wait for US nonfarm payrolls scheduled for release on Friday (as usually) as the employment report might be the key factor for the Federal Reserve to decide whether to raise interest rates in December or not.

Markit manufacturing PMI rose from 53.1 in September to 54.1 in October, a tad higher than the preliminary reading and the analysts’ forecast of 54.0. (Event A on the chart.)

ISM manufacturing PMI was at 50.1% in October, slightly below the September’s level of 50.2% but above the median forecast of 50.0%. (Event B on the chart.)

Construction spending rose 0.6% in September from August. As with other indicators released today, the actual reading was not far from expectations as experts had predicted the September’s increase to be at 0.5%. The August’s growth was at the 0.7% rate. (Event B on the chart.)

EUR/USD for 2015-11-02

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