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EURUSD: Intraday Analysis & Setup update

The dollar index fell 0.25% as earlier gains were more than erased by much weaker than forecast ISM manufacturing and Michigan sentiment data that sent Treasury yields sharply lower.

While this week’s ISM non-manufacturing report will capture a far greater portion of the economy, Friday’s report was so far below forecast, with the employment index dropping from 47.1 to 45.9, its second lowest since 2020, it struck a very dovish chord with markets ahead of next Friday’s employment report.

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