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EUR/USD: ISM Manufacturing Index, Eurozone CPI, and Range Trading
A contradictory picture is forming simultaneously
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A contradictory picture is forming simultaneously in both the geopolitical and macroeconomic contexts. For instance, the ISM Manufacturing Index supported the dollar, while Tuesday's Eurozone inflation data has bolstered the euro. Amid continued uncertainty, traders in the EUR/USD pair are reacting to these releases within the range of 1.1610–1.1670, where the pair has traded for the third consecutive week. On Monday, the ISM Purchasing Managers' Index (PMI) for US manufacturing entered the "green zone," hitting a four-year high.
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Irina Manzenko,
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