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EUR/USD getting off to a poor start - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Ani Salama, economist at FXStreet explained the conditions surrounding EUR/USD at the start of the US week.

    Key Quotes:

    "The dollar traded higher across the board on Monday, posting sharp gains against the pound and the euro amid renewed fears of a Brexit. The shared currency was further weighed by disappointing PMIs readings and advances in stocks amid higher oil prices. During the New York session, data showed US national activity improved, with the Chicago Fed index rising to 0.28 in January versus -0.34 the previous month, while Markit manufacturing PMI for February came in at 51.0 slightly below the 52.0 expected.

    EUR/USD fell sharply and bottomed out at 1.1003, where the 200-day SMA halted the decline at the beginning of the American session. The pair closed the day with losses after a short-lived bounce seen on Friday."
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