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EUR/USD Largely Ignores Mostly Poor US Reports

July 28, 2020 by

EUR/USD is trading mainly under the influence of the general risk-on sentiment in the markets today. The currency pair ignored the released US macroeconomic indicators, which surprised more on the bad side.

S&P/Case-Shiller home price index increased by 3.7% in May. Traders expected it to grow at 4.1% after it had risen by 3.9% a month earlier. (Event A on the chart.)

Consumer confidence fell from 98.3 to 92.6 in July. This was even worse than the median forecast of a drop to 94.0.(Event B on the chart.)

Richmond Fed manufacturing index unexpectedly rose from 0 to 10 in July even though analysts predicted it to go up only to 5. (Event B on the chart.)

Yesterday, a report on durable goods orders showed an increase by 7.3% in June compared to 15.7% reported for May. The actual value was a bit better than the forecast of 7.0%. (Not shown on the chart.)

EUR/USD as of 2020-07-28

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