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EUR/USD Retreats After Post-FOMC Rally

March 18, 2021 by

EUR/USD demonstrated a significant loss today but it was not quite enough to erase yesterday’s rally caused by the monetary policy announcement by the Federal Open Market Committee. Today’s US macroeconomic data does not seem to have a noticeable impact on moves of the currency pair.

Philadelphia Fed manufacturing index surged from 23.1 in February to 51.8 in March. That was a total surprise to experts who were expecting a small decline to 22.5. (Event A on the chart.)

Initial jobless claims were at 770k last week, seasonally adjusted, up from the previous week’s revised level of 725k (revised up from 712k). This time specialists were wrong with their forecasts too, predicting a decrease to 704k. (Event A on the chart.)

Leading indicators rose by 0.2% in February, missing the analysts’ consensus estimate of a 0.3% increase. The index rose by 0.5% in the preceding month. (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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