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EUR/USD Higher on Eurozone PMI

February 1, 2012 by Vladimir Vyun

EUR/USD erased its previous losses today as eurozone manufacturing PMI advanced this month (event A on the chart), suggesting that the situation in Europe isn’t as bad as was thought. US economic data today again was worse than expected, except for the robust growth construction spending.

ADP employment report showed an increase by 170k jobs in January from December. That’s below the average forecast of 189k and the December change by 292k (revised from 325k). (Event B on the chart.)

ISM manufacturing PMI advanced from 53.9 in December to 54.1 in January, less than forecasters promised (54.6). (Event C on the chart.)

Construction spending rose 1.5% in December from the previous month, more than was expected (0.7%). The November reading was revised from 1.2% to just 0.4%. (Event C on the chart.)

Crude oil inventories increased by 4.2 million barrels and total motor gasoline inventories increased by 3.0 million barrels last week. (Event D on the chart.)

EUR/USD for 2012-02-01

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