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EUR/USD Fails to Maintain FOMC-Infused Rally

March 22, 2018 by

EUR/USD attempted to extend yesterday’s FOMC-infused rally today but failed. The possible reason for that were manufacturing and services reports for the eurozone released by Markit during the current trading session. Meanwhile, today’s US data was good for the most part.

Initial jobless claims rose from 226k to 229k last week, whereas analysts had expected them to be little changed. (Event A on the chart.)

Markit manufacturing PMI rose from 55.3 in February to 55.7 in January according the flash reading, reaching the highest level in three years. At the same time, flash Markit services PMI fell from 55.9 to 54.1. Yet again, analysts did not expect any change to the indicators. (Event B on the chart.)

Leading indicators increased 0.6% in February. The growth was a bit faster than 0.5% predicted by experts but slower than 0.8% registered in January. (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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