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FX.co ★ Euro falls on strong US data

Euro falls on strong US data

Euro falls on strong US data

EURUSD H4 scale

The euro falls on strong data on the US economy:

Unemployment report for the week - new applications for benefits +230,000, no growth.

Long-term unemployment is about the same at 1.4 million.

August Industrial PMI Report: ISM Index 52.8%, in line with July and better than expected.

Conclusion: the euro is being sold, as they are waiting for the Federal Reserve to raise the rate. There is no reason yet to slow down the rate hike.

And everything is not good in the EU economy - because of the gas crisis in Europe.

However, the euro's downside potential is small - there is not much room to fall below the parity of the euro and the dollar.

In addition, the European Central Bank is going to raise the euro rate by at least +0.5% on September 8th.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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