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EUR/USD Drops for Fifth Straight Session

September 3, 2013 by

EUR/USD dropped today for the fifth straight trading session as US data was good, supporting speculations about possible quantitative easing tampering this month. The Federal Reserve will announce its decision on September 18. This week’s nonfarm payrolls should have a big impact on the decision.

ISM manufacturing PMI rose a little from 55.4% in July to 55.7% in August instead of falling to 54.2% as was expected. (Event A on the chart.)

Construction spending expanded 0.6% in July from a month ago, two times the forecast of 0.3%. The June’s reading was revised positively from -0.6% to 0.0%. (Event A on the chart.)

EUR/USD for 2013-09-03

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