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U.S. Dollar Rallies on Better than Expected Manufacturing ISM

April 1, 2008 by Andriy Moraru

Despite the fact that the ISM PMI for manufacturing sector is still below the significant 50 level and the construction spending continued to fall in February, today’s economic releases inspired the stock market’s rally and the strengthening of the U.S. dollar. EUR/USD fell down from 1.5763 to 1.5582, making this day’s fall already a second largest in the last two weeks.

Construction spending in February decreased at a lesser extent than the majority of the analysts expected — it fell 0.3% against the expected 0.9%. It fell 1.7% in January.

ISM report on manufacturing showed that PMI increased slightly in March and is now at 48.6% up from 48.3% in February, while it was expected to fall to 47.5%.

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