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EUR/USD Crashes on Eurozone & US Data

December 20, 2019 by

EUR/USD crashed today after reports that came out in the eurozone turned out to be mixed, while all US indicators came out decent. Next week will be extremely light in terms of macroeconomic data in the United States due to Christmas. The week after will be full of reports despite the New Year holiday.

US GDP rose by 2.1% in Q3 2019 according to the third and final estimate. The reading was unchanged from the preliminary estimate and matched market expectations. GDP rose by 2.0% in Q2. (Event A on the chart.)

Personal income and spending rose in November. Personal income increased by 0.5%, exceeding the average forecast of a 0.3% increase and the 0.1% gain registered in October (revised up from no change). Personal spending increased by 0.4%, matching expectations and accelerating slightly from the October 0.3% rate of growth. Core PCE inflation remained unchanged at 0.1%, in line with analysts’ predictions. (Event B on the chart.)

Michigan Sentiment Index climbed to 99.3 in December from 96.8 in November according to the final estimate. The figure was almost unchanged from the preliminary estimate of 99.2 and was within market expectations. (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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