EURUSD Falls on Better Than Expected ISM Manufacturing
- US ISM Manufacturing October reading beats analyst estimates.
-US ISM Prices Paid comes in well below market expectations.
- EURUSD falls on better than expected US Manufacturing data.
The US ISM Manufacturing November reading beat analyt estimates of 58.0 with a headline reading of 58.7. 78.0% of all industries in the index reported overall growth and an increase in production. An uptick in exports and new orders could provide a positive outlook for the final month in Q4 of 2014 for US retail and manufacturers.
The US ISM Prices Paid November reading came in well below market expectations with a headline reading of 44.5. Today’s ISM Prices Paid is the lowest headline reading since July of 2012. This could have immediately positive ramifications for both US consumers and producers; however, it could be viewed as a negative indication for US inflation and the future of a US Fed decision for a rate liftoff.
Here’s a summary of the data this morning that’s stoked dollar strength:
- USD ISM Manufacturing (NOV): 58.7 versus 58.0 expected, from 59.0
- USD ISM Prices Paid (NOV): 44.5 versus 52.1 expected, from 53.5
EURUSD 1-minute Chart: December 1st, 2014 intraday
Charts Created using Marketscope – prepared by Tyler Amend
EURUSD fell to a low of 1.2479 on the back of better than expected ISM Manufacturing data out of the US at 15:00 GMT. The pair is currently trading around 1.2483 at the time of this report.
--- Written by Tyler Amend, DailyFX Research
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