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EUR/USD Recovers Strongly on Mixed Economic News

March 26, 2010

The main moving force behind today’s EUR/USD recovery could be not the worse-than-expected U.S. GDP data or the better-than-expected consumer sentiment report, but rather the seeming “final decision” of the Greek fiscal problems carried out by the Eurozone leading members. EUR/USD rose from its yearly bottom and went up to above the halfway of the Wednesday’s falling range. The currency pair is now trading near 1.3402.

U.S. GDP for the fourth quarter of 2009 in its third estimate disappointed the traders with a value of 5.6%, which is below 5.9% of the previous estimate and below the same forecast for this final report.

University of Michigan revised its consumer sentiment index from 72.5 to 73.6 in March — back to the February’s value. The market analysts forecasted a revision to 73.0.

Yesterday, a report on the initial jobless claims was released in the United States. According to it, the number of claims went down from 456k to 442k last week. That was more than twice better than the consensus forecast of a decline to 450k.

If you have any comments on the recent EUR/USD action, please, reply using the form below.

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