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EUR/USD Bounces After Falling for Six Consecutive Sessions

October 4, 2018 by

EUR/USD rose today following six consecutive sessions of losses. Macroeconomic data released in the United States over the current session was good but that did not prevent the currency pair from rising. Apparently, traders thought that it was oversold. Now, market participants wait for tomorrow’s nonfarm payrolls.

Seasonally adjusted initial jobless claims fell from 215k to 207k last week, near the 49-year low, whereas analysts had expected them to stay little changed at 214k.(Event A on the chart.)

Factory orders rose 2.3% in August, in line with market expectations of a 2.2% increase. The previous month’s drop got a revision from 0.8% to 0.5%. (Event B on the chart.)

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

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