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EURUSD Falls on Better Than Expected ISM Manufacturing

EURUSD Falls on Better Than Expected ISM Manufacturing

Tyler Amend,

Talking Points:

- 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

See the DailyFX economic calendar for this week's important economic events.

EURUSD 1-minute Chart: December 1st, 2014 intraday

EURUSD Falls on Better Than Expected ISM Manufacturing

Charts Created using Marketscopeprepared 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

Follow the DailyFX team on Twitter at @DailyFXTeam

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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