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Decline of EUR/USD Accelerates

March 31, 2015 by

EUR/USD accelerated its decline today following yesterday’s losses. The dollar continued to receive support from the US economic data while the euro was under pressure as Greece failed to reach an agreement with its European creditors. The currency pair attempted to bounce intraday but so far the attempt was a failure.

Year-on-year, S&P/Case-Shiller home price index rose 4.6% in January, matching expectations, after increasing 4.4% in the preceding month. On the monthly basis, the index was almost unchanged. (Event A on the chart.)

Chicago PMI was at 46.3 in March, bouncing from the multi-year low of 45.8 registered in February. Still, the reading was below the consensus forecast of 52.5. (Event B on the chart.)

Consumer confidence jumped to 101.3 in March from the February’s figure of 98.8 that itself was revised positively from 96.4. Analysts’ projections were far less optimistic, pointing at 96.6 as a possible reading. (Event C on the chart.)

EUR/USD for 2015-03-31

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