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EUR/USD Fails to Bounce as Dollar Remains Supported by Fed

October 18, 2018 by

EUR/USD attempted to bounce today after yesterday’s drop but failed. The greenback remained supported by the hawkish stance of the Federal Reserve. Macroeconomic reports released in the United States on Thursday were decent, providing additional support to the US currency.

Philadelphia Fed manufacturing index fell a bit from 22.9 in September to 22.2 in October. Analysts had predicted a bigger drop to 19.7. (Event A on the chart.)

Initial jobless claims decreased to 210k last week from 215k the week before, in line with market expectations. (Event A on the chart.)

Leading indicators increased 0.5% in September, matching forecasts, following the 0.4% increase in August. (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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