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EUR/USD Gains on Eurozone Manufacturing

November 2, 2017 by

EUR/USD traded higher today as manufacturing reports released in the eurozone over the trading session were very good for the most part. The gains were not big, though, and the currency pair pulled back after US jobless claims fell unexpectedly. Now, markets wait for an announcement of a new Federal Reserve chief and unveiling of a tax bill.

Initial jobless claims dropped from 234k to 229k last week even though forecasts had promised them to stay basically unchanged. (Event A on the chart.)

Nonfarm productivity increased by 3.0% in the Q3 2017. That is compared to 2.5% predicted by analysts. The previous quarter’s increase was revised from 0.9% to 1.5%. (Event A on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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