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EUR/USD Fails to Profit from Good Fundamentals

August 27, 2019 by

EUR/USD attempted to rally today but failed and is now trading below the opening level. Concerns about the US-China trade spat returned to the market, but that did not help the euro to gain on the dollar. The shared 19-nation currency also failed to profit from hopes that Italy will gain a new government caused by the reports that Italy’s Democratic Party and the Five Star Movement are close to reaching a deal.

S&P/Case-Shiller home price index rose 2.1% in June, year-on-year. That was a slower pace of growth than 2.5% predicted by analysts and 2.4% registered in May. Month-on-month, the index rose 0.3%. (Event A on the chart.)

Richmond Fed manufacturing index went up from −12 in July to 1 in August. Experts had predicted a bit smaller increase to -2. (Event B on the chart.)

Consumer confidence fell to 135.1 in August from 135.8 in July. The median forecast had promised a bigger drop to 129.3. (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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