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EUR/USD has been trading within a tight range today. Brussels announced a rise in the manufacturing purchasing managers index (PMI) to 51.4 in August, slightly exceeding economists’ expectations of 51.3. Any reading above 50.0 indicates an expansion in the sector. The most recent gross domestic product figures from the eurozone tell us that the region is growing at a modest rate.
On Thursday, the European Central Bank will make its interest rate announcement, and analysts are expecting the rate to remain unchanged at 0.5%. However, dealers will be interested to hear what Mario Draghi has to say about the eurozone.
We are not expecting any more economic updates from the eurozone today, and nor do we have any economic indicators due from the US, as it is a public holiday there. Market volatility and volumes are low, as most US dealers are absent.
The most important announcement of the week is the US unemployment data on Friday. The Federal Reserve has tied its bond-buying scheme to the unemployment rate, so if the jobless rate drops we may see the euro fall versus the dollar.