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Greece Threatened by Default, EUR/USD Fluctuates

October 3, 2011 by Vladimir Vyun

EUR/USD fluctuated today, resulting in almost no change from the opening rate at the present time. The threat of a default in Greece continues to undermine the confidence in the shared European currency, boosting the dollar at the same time. Today’s reports reduced concerns about the economy of the US as manufacturing PMI and construction spending were well above expectations.

ISM manufacturing PMI rose to 51.6% in September from 50.6% in August, while the index was expected to be little changed at 50.5%. (Event A on the chart.)

Construction spending expanded 1.4% in August. That’s compared to the forecast of a 0.1% decline and the July drop by 1.4%. (Event A on the chart.)

EUR/USD for 2011-10-03

If you have any comments on the recent EUR/USD action, please reply using the form below.

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