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EUR/USD Bounces After Four-Day Decline

December 1, 2015 by Vladimir Vyun

EUR/USD gained for the first time in five sessions during Tuesday’s trading as manufacturing data from Institute for Supply Management was unexpectedly poor, demonstrating the first contraction in the sector in three years. The news was detrimental to the dollar, making speculators doubt whether the Federal Reserve would hike interest rates this month.

Markit manufacturing PMI fell from 54.1 in October to 52.8 during November according the final estimate. It was a little bit higher than the preliminary reading and the analysts’ predictions of 52.6. (Event A on the chart.)

ISM manufacturing PMI slid from 50.1% to 48.6% in November, demonstrating the first decline of the sector since November 2012 (any figure below 50.0 indicates contraction). Experts had predicted index to rise to 50.6%. (Event B on the chart.)

Construction spending climbed 1.0% in October from September, two times the forecast growth of 0.5%. The indicator rose 0.6% in September. (Event B on the chart.)

EUR/USD for 2015-12-01

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