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EUR/USD Falls, Recovers After US Consumer Sentiment Falls

February 12, 2021 by

EUR/USD was falling today but has started a recovery at about 14:15 GMT and accelerated its advance after a report showed that the US consumer sentiment fell unexpectedly this month.

Michigan Sentiment Index dropped to 76.2 in February from 79.0 in January according to the preliminary estimate. That was a total surprise to analysts who were expecting an increase to 80.8. (Event A on the chart.)

Yesterday, a report on initial jobless claim was released, which showed a drop to 793k last week, seasonally adjusted, from the previous week’s revised level of 812k (revised up from 779k). Analysts were expecting a bigger drop to 755k.

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