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EUR/USD Recovers from Intraday Loss Despite Positive US Data

November 19, 2020 by

EUR/USD was falling today but has bounced since then and is trading near the opening level as of the time of writing. The currency pair managed to recover despite Thursday’s US macroeconomic releases, most of which were good. The only exception was the jobless claims report, which showed an unexpected increase — the first in five weeks.

Philadelphia Fed manufacturing index dropped from 32.3 in October to 26.3 in November. Nevertheless, it was above the 22.0 level forecast by analysts. (Event A on the chart.)

Initial jobless claims were at 742k last week, seasonally adjusted, up from the previous week’s revised level of 711k (709k before the revision). That is instead of falling to 707k as experts had predicted. (Event A on the chart.)

Leading indicators rose by 0.7% in October, the same as in September and matching analysts’ forecasts. (Event B on the chart.)

Existing home sales were at a seasonally adjusted annual rate of 6.85 million in October, up from 6.57 million in the previous month (revised, 6.54 million before the revision). The median forecast had promised a decline to 6.45 million. (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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