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EUR/USD Rebounds as European Manufacturing Expands

November 4, 2013 by

EUR/USD rebounded today, recovering from the lowest level since September 18, as the eurozone manufacturing continued to expand in October. (Event A on the chart.) Data from the United States was good too, but the currency pair had little room to fall further after the last week’s huge slump.

Factory orders rose 1.7% in September, a bit below the forecast of 1.9%. The August data was postponed for a month because of the government shutdown and demonstrated a 0.1% drop. (Event B on the chart.)

On Friday, a report on ISM manufacturing PMI was released showing a small increase from 56.2% in September to 56.4% in October. A drop to 55.3% was predicted by analysts. (Not shown on the chart.)

EUR/USD for 2013-11-04

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