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EUR/USD Moves Sideways After Falling

September 24, 2020 by

EUR/USD fell a bit today but is currently moving sideways. The dollar remained largely strong thanks to the persisting risk aversion. US macroeconomic data was mixed today as the labor market showed worse results than was expected, while the housing market was better than expected.

Initial jobless claims were at 870k last week, seasonally adjusted, up from the previous week’s revised level of 866k (860k before the revision). Analysts missed the mark with their forecasts a decrease to 845k. (Event A on the chart.)

New home sales were at a seasonally adjusted annual rate of 1,011k in August, up from the revised July level of 965k (901k before the revision). And in this instance, analysts were wrong too with their predictions of a decrease to 890k. (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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