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EUR/USD Extends Friday’s Decline on Monday

November 23, 2015 by

EUR/USD continued to fall on Monday, following the Friday’s big drop, even though US economic data was not that good. The dollar continued to receive support from the outlook for monetary tightening from the Federal Reserve while the euro remained under pressure from expectations of stimulus from the European Central Bank.

Flash Markit manufacturing PMI dropped from 54.1 in October to 52.6 in November. The report frustrated analysts who had predicted the index to stay unchanged. (Event A on the chart.)

Existing home sales fell to the seasonally adjusted annual rate of 5.36 million in October from 5.55 million in September, below the median experts’ forecast of 5.39 million. (Event B on the chart.)

EUR/USD for 2015-11-23

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