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EUR/USD continues to edge lower ahead of US data this afternoon
The EUR/USD has now extended its move below the 21 day moving average (now at 1.0937) and it is close to session lows as I write, at around 1.0921. The continued recovery in the dollar has seen the USD/JPY rise above 142.75, as US yields hold gains this morning. Of course this could all change when the important US ISM and JOLTS data hits the screens, at 3pm GMT. By the same token this data could enhance what is already a dollar on the rise. So, the markets are expecting that ISM manufacturing index to have improved slightly in December. The forecast is for the index to have risen to 47.1 from 46.7 in November. The other components to the index (Prices paid, employment and new orders) will be important too, especially if all are above consensus. The November JOLTS data is expected to show an increase as well, to around 8.821 million from 8.733 million. The EUR/USD is just now trading at 1.0924
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