Dollar Strengthens on PMI & Construction Spending

The dollar gained today after the reports showed that the construction spending and the manufacturing in the US unexpectedly grew and as the speculators closed some of their long positions on the euro ahead of the Federal Open Market Committee meeting this weak.
The Institute for Supply Management Purchasing Managers’ Index rose to 56.9 in October, while it was expected to decline to 54.2. It was at 54.4 in September. The construction spending grew 0.5 percent in September. It dropped 0.2 percent in August and was expected to decline further by 0.5 percent.
The Federal Reserve is expected to announce the size of its assets purchase program on November 3rd. The analysts’ forecasts put the expected size of the program in the range from $500 billion to $2 trillion.
EUR/USD dropped from 1.3970 to 1.3874 as of 18:06 GMT. USD/JPY rose from 80.36 to 80.57, following the surge to 81.38.

If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

3 + one =