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EUR/USD Stable After Economic Releases

October 24, 2017 (Last updated on October 25, 2017) by

Markit released Purchasing Mangers’ Indices for both the eurozone and the United States today, and almost all of them were better than expectations. Market participants anticipate that the European Central Bank will reduce its asset purchase program this week, but that did not boost EUR/USD so far.

Flash readings for Markit US manufacturing PMI and Markit US services PMI in October were released today. The manufacturing index rose from 53.1 to 54.5 last month, reaching the highest level in nine months. The services index rose from 55.3 to 55.9. Both indicators exceeded analysts’ projections 53.3 and 55.2 respectively. (Event A on the chart.)

Richmond Fed manufacturing index, on the other hand, dropped from 19 in September to 12 in October, below the average forecast of 17. (Event B on the chart.)

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