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5 May 2015
EUR/USD wavers after ISM services PMI
FXStreet (Córdoba) - EUR/USD pulled back following the release of more encouraging US data, although dollar failed to hold ground for long.
The Institute for Supply Management (ISM) reported the non-manufacturing index rose to 57.8, beating the consensus estimate of 56.2, and up from March’s 56.5. Readings above 50.00 indicates expansion in activity.
The dollar benefited from data and dragged EUR/USD to the 1.1115 area as knee-jerk reaction, although it quickly bounced toward a marginal new high of 1.1174. At time of writing, the pair is trading at 1.1170, recording a 0.18% gain on the day.
Earlier on the day, the US reported its highest trade deficit in nearly 2 decades.
The Institute for Supply Management (ISM) reported the non-manufacturing index rose to 57.8, beating the consensus estimate of 56.2, and up from March’s 56.5. Readings above 50.00 indicates expansion in activity.
The dollar benefited from data and dragged EUR/USD to the 1.1115 area as knee-jerk reaction, although it quickly bounced toward a marginal new high of 1.1174. At time of writing, the pair is trading at 1.1170, recording a 0.18% gain on the day.
Earlier on the day, the US reported its highest trade deficit in nearly 2 decades.