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Categorized | Currency News

Euro Exchange Rate Weaker, As Data in The US Adds Pressure

On the foreign exchange market today, the Euro exchange rate retraced much of yesterday’s gains (+ 0.56%) after disappointing US statistics released. In a timely manner, right on the eve of the meeting of the ECB, the euro fell 0.31% to 1.0594 dollars, the low level of Friday night. The currency has also fallen against most of the majors.

Waiting around for the ECB (whose decision is expected tomorrow) or not, the euro rebounded against the dollar after the release of the ISM survey in the manufacturing sector.

The United States manufacturing PMI in November, which is the lowest since 2009 and below the threshold of 50 (48.6 in November), brings this leading indicator into contraction territory.

Because of this, the expected report on Friday for US employment will be closely monitored. As a preliminary, traders will therefore pay attention, to the results of the ADP survey on employment in the US private sector, which tends to foreshadow the official figures from the Labor Department. The consensus expects 190,000 jobs created approximately for ADP, and about 200,000 for “NFP” due Friday.

Still in the US, investors also will learn about the productivity figures for the third quarter, weekly oil stocks and into the evening, the Beige Book from the Fed is expected.

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