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EUR/USD Renews Its Maximum

March 3, 2008 (Last updated on April 1, 2008) by

Today EUR/USD renewed its historical maximum value on Forex. It touched 1.5275 shortly after the news releases from U.S. concerning the construction spendings and ISM index for manufacturing business came out. The currency pair dropped down significantly after hitting this new maximum and is now trading near 1.5210.

Construction spending in January fell compared to December by 1.7%. That’s worse than the last month’s 1.1% drop and much worse than the forecasted 0.8% drop.

ISM index for manufacturing business in February was at 48.3% — a little better than 48.0% expected by the market analysts, but still worse than 50.7% in January.

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