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EUR/USD Trades Almost Unchanged After Early Peaking

November 3, 2008 by

EUR/USD went down today after rising to 1.2897 early today. A bit of optimism brought by the positive Asian trading dissolved fast after European stock markets failed to continue the rally. EUR/USD is currently trading near 1.2776 after housing and manufacturing data releases in U.S.

ISM PMI (manufacturing index) fell from 43.5% to 38.9% in October, while the forecast showed a decline to 42% for the last month.

Construction spending declined by 0.3% in September after remaining unchanged in August. A decline by 0.8% was expected by the market.

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