EUR/USD Starts Year with Drop

The dollar started the year on a strong note even though US economic indicators were disappointing. In fact, EUR/USD opened sharply lower and fell to the new multi-year low over the current trading session.
ISM manufacturing PMI dropped from 58.7% in November to 55.5% in December. The actual drop was much bigger than a decline to 57.6% predicted by analysts. (Event A on the chart.)
Construction spending fell 0.3% in November from October. This is compared to the predicted increase by 0.4% and the October’s growth by 1.2%. (Event A on the chart.)


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