US Manufacturing Growth Slows, Driving Dollar Down

The EUR/USD rises steadily today after a report showed that European manufacturing is expanding, while US manufacturing growth was slowing. The trend may change, though, as analyst expected even worse results in manufacturing and also were pleasantly surprised by growth of construction spending. EUR/USD trades currently near 1.3163.
ISM PMI index declined to 55.5 in July from 56.2, while Forex analysts expected a drop to 54.2.
Construction spending in U.S. advanced 0.1% in June from May. This is better than economists expected (a decline by 0.4%) and significantly better than a revised 1.0% decline in May.

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