EUR/USD maintains a steady tone and extends gains for the sixth straight day on Monday, trading at two-week highs above 1.1630 at the time of writing. The downward correction in Eurozone PMI for November failed to stop the Euro, and focus now turns to US manufacturing activity data.
The US dollar remains on the defensive, as investors prepare for an interest rate cut by the US Federal Reserve next week. Moreover, US President Donald Trump may announce White House economic advisor Kevin Hassett as the next head of the central bank, according to Reuters. Hassett is considered a vocal dovish and is expected to carry Trump’s loose monetary policy agenda.
Later on Monday, Fed Chair Jerome Powell will participate in a panel discussion in Stanford, California, but the highlight of the day will be the release of the November ISM Manufacturing PMI, scheduled for 15:00 GMT.
Euro price today
The table below shows the percentage change of the Euro (EUR) against the major currencies listed today. The euro was the strongest against the New Zealand dollar.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | -0.29% | -0.05% | -0.79% | -0.05% | -0.04% | 0.03% | -0.16% | |
| euro | 0.29% | 0.24% | -0.43% | 0.24% | 0.25% | 0.31% | 0.15% | |
| GBP | 0.05% | -0.24% | -0.68% | -0.00% | 0.02% | 0.08% | -0.09% | |
| JPY | 0.79% | 0.43% | 0.68% | 0.68% | 0.69% | 0.75% | 0.58% | |
| Canadian | 0.05% | -0.24% | 0.00% | -0.68% | 0.00% | 0.07% | -0.09% | |
| Australian dollar | 0.04% | -0.25% | -0.02% | -0.69% | -0.01% | 0.06% | -0.10% | |
| New Zealand dollar | -0.03% | -0.31% | -0.08% | -0.75% | -0.07% | -0.06% | -0.16% | |
| Swiss franc | 0.16% | -0.15% | 0.09% | -0.58% | 0.09% | 0.10% | 0.16% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select EUR from the left column and move along the horizontal line to USD, the percentage change displayed in the box will represent EUR (base)/USD (quote).
The Euro continues its recovery, unaffected by weak manufacturing activity in the Eurozone
- The final Eurozone HCOB manufacturing PMI revealed that sector activity contracted to a five-month low of 49.6 in November, after a reading of 49.7 seen in the initial estimate and down from 50.0 in October.
- However, the euro is still in demand, mostly due to the weakness of the US dollar. Growing bets that the Fed will cut its benchmark interest rate by 25 basis points next week, and a few more times next year, will turn investors away from the US dollar.
- Fed Chairman Jerome Powell is expected to participate in a panel discussion at the Hoover Institution Memorial Lecture on George P. Shultz and economic policy, although he is not expected to talk about monetary policy because the Fed is in a blackout period ahead of its December meeting.
- Later, focus will shift to the US ISM PMI for November, which is expected to decline to 48.6 from 48.7 in October. The prices paid sub-index is expected to rise to 59.6 from 50.0 in October. The employment measure is likely to be noted with particular attention.
- The economic calendar is full of data this week, with the eurozone consolidated consumer price index (HICP) on Tuesday, services PMIs from the eurozone and the US on Wednesday, along with the ADP employment change report, and the US personal consumption expenditures (PCE) price index on Friday.
Technical analysis: EUR/USD breaks the 1.1615 resistance area
The US dollar weakness gives confidence to EUR/USD bulls to test the top of the descending channel from the early October highs, at 1.1615. Technical indicators are mixed. The Relative Strength Index (RSI) on the 4-hour frame is still in the bullish zone near the 60.0 level, but the Moving Average Convergence and Divergence (MACD) indicator is hovering around its signal line, indicating fading bullish momentum.
A clear confirmation above the mentioned 1.1615 level will signal a trend shift and highlight the 1.1660 – 1.1670 area (highs of October 28, 29 and November 13, 14). If the rise continues, the next target is the October 17 high, just below 1.1730.
Immediate support remains at 1.1550 (around the highs of November 21-24). In the event of further declines, the psychological level at 1.1500 may hold bears in check ahead of the November 5 lows, near 1.1470.
Economic indicator
ISM Manufacturing PMI
the Institute for Supply Management (ISM) The Manufacturing Purchasing Managers’ Index (PMI), released on a monthly basis, is a leading index that measures business activity in the manufacturing sector in the United States. The index is obtained from a survey of manufacturing supply executives based on information they have collected within their organizations. Survey answers reflect the change, if any, in the current month compared to the previous month. A reading above 50 indicates that the industrial economy is generally expanding, which is a bullish signal for the US dollar. A reading below 50 indicates that factory activity is generally declining, which is considered bearish for the US dollar.
Read more.
Next release:
Monday 01 December 2025 at 15:00
repetition:
monthly
consensus:
48.6
former:
48.7
source:
Institute of Supply Management
The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) provides a reliable outlook on the state of the US manufacturing sector. A reading above 50 indicates expansion of business activity during the survey period and vice versa. PMIs are leading indicators and can indicate a turn in the economic cycle. Stronger than expected prints usually have a positive impact on the US dollar. In addition to the headline PMI, the Employment Index and Prices Paid Index numbers are closely watched as they highlight the labor market and inflation.
Economic indicator
ISM Manufacturing Prices Paid
the Institute of Supply Management The Index of Manufacturing (ISM) shows business conditions in the US manufacturing sector, taking into account expectations for future production, new orders, inventories, employment and deliveries. It is an important indicator of the general economic situation in the United States. ISM prices paid represent business sentiment regarding future inflation. A high reading is considered positive for the US dollar, while a low reading is considered negative.
Read more.
Next release:
Monday 01 December 2025 at 15:00
repetition:
monthly
consensus:
59.5
former:
58
source:
Institute of Supply Management
