Third Day of EUR/USD Rally on Greek Debt Buyback & US Data

EUR/USD rallied for the third straight session today as Greece offered to buy back government bonds. The US manufacturing index fell to the lowest since June 2009, intensifying worries about the fiscal cliff. Such concerns weakened the US currency.
ISM manufacturing PMI was at 49.5% in November, indicating first month of contraction after two months of expansion. Analysts have expected the index to be little changed at 51.5 from the October’s 51.7. (Event A on the chart.)
Construction spending rose 1.4% in October from a month ago. The rate of growth was expected to stay the same as in September — 0.5%. (Event A on the chart.)


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