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Dollar Falls After Disappointing US Data

November 25, 2014 by

The euro gained on the dollar today, rising for the second day in a row. EUR/USD dipped initially due to better-than-expected figures from the United States, but the manufacturing index and the consumer confidence indicator for the USA disappointed market participants, making the US currency less appealing to them.

US GDP rose 3.9% in Q3 2014 according the preliminary (second) estimate. While it was slower growth the previous quarter’s 4.6%, it was above the median forecast of 3.3% and the first estimate of 3.5%. (Event A on the chart.)

S&P/Case-Shiller home price index rose 4.9% in September from a year ago following 5.6% growth in the preceding month. The consensus forecast promised a 4.7% increase. The index was down 0.03% on a monthly basis. (Event B on the chart.)

Richmond Fed manufacturing index sank from 20 in October to 4 in November while much smaller decrease to 17 was expected by specialists. (Event C on the chart.)

Consumer confidence slid to 88.7 in November from the revised October reading of 94.1. The median analysts’ projection was at 95.9. (Event C on the chart.)

EUR/USD for 2014-11-25

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