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EUR/USD Fails to Hold onto Gains

March 26, 2019 by

EUR/USD stabilized yesterday after Friday’s huge sell-off. Today, the currency pair attempted to keep gains but failed and is trading below the opening level as of now. The pair dropped despite today’s data released in the United States was almost universally disappointing.

Both housing starts and building permits fell in February. Housing starts were at the seasonally adjusted annual rate of 1.16 million, down from the January positively revised estimate of 1.27 million. Building permits were at the seasonally adjusted annual rate of 1.30 million, down from 1.32 million in the previous month. The consensus forecast was at 1.22 million for housing starts and 1.32 million for building permits. (Event A on the chart.)

S&P/Case-Shiller home price index rose 3.6% in January, year-on-year, less than analysts had predicted — 4.3%. The index was up 4.1% in the previous month. Month-over-month, the indicator fell 0.2%. (Event B on the chart.)

Richmond Fed manufacturing index dropped from 16 in February to 10 in March, below the analysts’ consensus estimate of 12. (Event C on the chart.)

Consumer confidence declined to 124.1 in March from 131.4 in February. That is instead of rising to 132.1 as experts had predicted. (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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