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EUR/USD Rallies on German Data, Struggles to Keep Gains

November 24, 2020 by

EUR/USD rallied today thanks to the better-than-expected macroeconomic data released in Germany as well as persisting optimism among traders caused by the good news about the coronavirus vaccine development. The currency pair has lost a significant part of its gains after the initial rally, though, but currently is trying to regain its upward momentum. As for US data, the housing data was positive, while the manufacturing report and the consumer confidence were disappointing.

S&P/Case-Shiller home price index climbed by 6.6% in September, year-on-year, whereas analysts were expecting the same 5.3% rate of growth as in August. Month-on-month, the index rose by 1.2%. (Event A on the chart.)

Richmond Fed manufacturing index slumped from 29 in October to 15 in November, below the forecast level of 20. (Event B on the chart.)

Consumer confidence declined from 101.4 in October (revised positively from 100.9) to 96.1 in November. Experts were expecting a bit higher reading of 97.7. (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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