FX Closing Comments

Quiet day as the markets failed to aggressively respond to lower US factory number. Economists feel the manufacturing sector, which was hardest hit in the 2001 recession, should show solid growth this year as many companies, combating capacity constraints, boost their orders for equipment to expand and modernize. EUR/USD bounced down to a new session low of 1.988 only to end the day range bound at 1.2020.