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EUR/USD Continues Its Fall After US Macro Releases

August 5, 2014 by

The dollar added to its gains versus the single European currency today following the two important macroeconomic reports that were released at about 14:00 GMT. The EUR/USD currency pair declined before reports too when the markets reacted to poor PMI reports from the European countries during the early trading session.

ISM services PMI unexpectedly jumped from 56.0% to 58.7% in July, while only a modest growth to 56.5% was expected. It looks like the US services sector is aiming for a steady recovery. (Event A on the chart.)

US factory orders added 1.1% in June, following a drop by 0.6% in May (revised negatively from 0.5% decline). It was also a big surprise for the market participants who expected a growth of 0.6% for June. (Event A on the chart.)

EUR/USD as of 2014-08-05

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