The popular pairing of EUR/USD was seen to lose about 100 pips from a fresh 2 year high as it moved from 1.2011 to 1.1900, on the back of profit taking from upbeat US data. The release of the August ISM Manufacturing PMI came in at 56.0, beating median forecast of 54.5. Meanwhile, the Eurozone Manufacturing PMI was at 51.7 in August, flat from July.
However, it is opined that USD is currently out of favour with investors following from Jerome Powell’s statement at the Jackson Hole Symposium last week indicating that Feds are unlikely to raise rates in the coming years as inflation has been below the 2% target. Markets do not predict that the inflation rate will reach 2% before 2023. Meanwhile, a positive sentiment for the Eurozone is a perception that they are curbing the coronavirus spread well.
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