EUR/USD rose sharply and reached its highest level since late March above 1.0900 on Monday.
EUR/USD corrects lower after posting strong gains on Monday. The US Dollar weakened against its major rivals after PMI data.
Job Openings data will be featured in the economic calendar on Tuesday. After edging higher in the Asian session on Tuesday, the pair lost its traction and retreated below this level. April Job Openings data from the US will be watched closely by market participants later in the day. The data from the US showed on Monday that the ISM Manufacturing PMI fell to 48.7 in May from 49.2 in April. This reading showed that the business activity in the manufacturing sector continued to contract at an accelerating pace. Additionally, the Prices Paid Index, the inflation component of the survey, declined to 57 from 60.9.
Job Openings data for April. Markets expect job openings to decline to 8.34 million from 8.48 million in March. A reading at or below 8 million could trigger another leg of USD selloff. On the other hand, a positive surprise could help the USD hold its ground and limit EUR/USD's upside. Investors will also pay close attention to the risk perception. A sharp decline in Wall Street's main indexes after the opening bell could provide a boost to the USD.
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