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EUR/USD reclaims 1.0800 after ISM index misses on all fronts

The US ISM service sector index has just been released and it has missed on estimates. The index fell back to 51.4. The markets had expected a reading of 52.8. The prices paid index fell sharply and in stark contrast to the manufacturing index. Prices paid dropped to 53.4 from 58.6. New orders and employment also missed on consensus. The dollar has reacted sharply and fallen back across the board. The USD/JPY has fallen and the EUR/USD has spiked above 1.0800. The GBP/USD has also taken out its 200 day moving average and short back above the 1.2600 handle. The US stock markets are higher now too and that lower ISM has staved off what looked like further downside in store this afternoon. The EUR/USD is right now trading at 1.0807

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