1 Dec 2014
EUR/USD retreats below 1.2500
FXStreet (Córdoba) - EUR/USD retreated further from 1.2505 and fell to 1.2468, trimming gains, after the release of economic data in the US.
The ISM manufacturing index fell from 59.0 to 58.7 in November. But the number was above the consensus of a reading of 58.0. Greenback gained momentum in the market after the report but was still lower for the day. “Given the broad strength in the report it suggests that the manufacturing sector has very strong momentum with the current level of the ISM index at levels historically consistent with GDP growth in excess of 4%”, said James Knightley from ING.
EUR/USD unable to hold above 1.2500
The euro is rising against the US dollar after falling in the previous two trading days but remains unable to rally above 1.2500. A consolidation above 1.2500 could give bullish momentum to the pair to extend the recovery from 1.2355 (Nov 24 low).
The ISM manufacturing index fell from 59.0 to 58.7 in November. But the number was above the consensus of a reading of 58.0. Greenback gained momentum in the market after the report but was still lower for the day. “Given the broad strength in the report it suggests that the manufacturing sector has very strong momentum with the current level of the ISM index at levels historically consistent with GDP growth in excess of 4%”, said James Knightley from ING.
EUR/USD unable to hold above 1.2500
The euro is rising against the US dollar after falling in the previous two trading days but remains unable to rally above 1.2500. A consolidation above 1.2500 could give bullish momentum to the pair to extend the recovery from 1.2355 (Nov 24 low).