EUR/USD: Highest Since Chinese Black Monday - FXStreet

EUR/USD: Highest Since Chinese Black Monday - FXStreet

2 May 2016, 21:26
Roberto Jacobs

EUR/USD: Highest Since Chinese Black Monday - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained with a new month we start with an old trend, as the greenback kept falling against all of its major rivals this Monday.

Key Quotes:

"The EUR/USD pair traded as high as 1.1534, and closed the day firmly above the 1.1500, propelled by dollar's weakness. Data coming from Europe showed that the manufacturing sector in the region grew modestly in April, as the final revisions of the Markit manufacturing PMIs came in mixed, with German reading up to 51.8, from March's 50.7, but below expectations, whilst the EU figure resulted at 51.7 and French one plummeted to 48.0.

Things in the US were not better, as the ISM manufacturing declined to 50.8 in April from 51.8 in March, whilst the Markit manufacturing PMI also printed 50.8. Also released this Monday, US construction spending advanced in March to its highest level in more than eight years, up 0.3% from the previous month, giving hopes the first quarter slowdown receded, at least in the housing sector.

The pair stands at its highest since the Chinese black Monday from August 2015 when the pair reached 1.1713 and well above the 1.1460 region, now a major support level."


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