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EUR/USD Drops, Extends Decline After US GDP

March 28, 2018 by

EUR/USD continued to fall today, extending its decline after the release of better-than-expected US GDP report. The currency pair also remained under pressure from the same factors as yesterday — subsiding fears of trade wars and end-of-quarter flows.

US GDP rose 2.9% in Q4 2017 according to the third and final estimate. The revised figure was above the predicted increase of 2.7% and the preliminary reading of 2.5%. The US economy grew by 3.2% in Q3 2017. (Event A on the chart.)

Pending home sales jumped by 3.1% in February, faster than analysts had predicted — 2.1% The January decline got a negative revision from 4.7% to 5.0%. (Event B on the chart.)

Crude oil inventories climbed by 1.6 million barrels last week, three times the forecast increase of 0.5%, but remained in the lower half of the average range for this time of year. The stockpiles shrank by 2.6% the week before. Total motor gasoline inventories dropped by 3.5% last week but remained in the upper half of the average range. (Event C on the chart.)

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

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