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EUR/USD Rises Even as Traders Concerned About Global Growth

March 5, 2012 by

EUR/USD was gradually rising today. The slow advance wasn’t deterred even after China has shaken markets by lowering its target for economic growth. The positive reports from the United State alleviated worries about the global growth that was caused by the announcement.

ISM services PMI advanced from 56.8% in January to 57.3% in February. That was a surprise for traders, but a pleasant one as they expected a drop to 56.1%. (Event A on the chart.)

Factory orders declined 1.0% in January. The actual change was better than the forecast reading of a 1.3% drop, but worse than the December increase by 1.4%. (Event A on the chart.)

EUR/USD for 2012-03-05

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