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EUR/USD Rises Despite Positive US Numbers

October 27, 2020 by

EUR/USD rose today even though most of the macroeconomic releases in the United States on Tuesday were good. The only disappointing indicator was consumer confidence. The rise was small, though, as trading remained mostly quiet.

Durable goods orders rose by 1.5% in September, whereas analysts were expecting the same 0.5% increase as in August. (Event A on the chart.)

S&P/Case-Shiller home price index climbed by 5.2% in August, year-on-year, exceeding the analysts’ median estimate of a 4.2% increase. The previous month’s increase got a positive revision from 3.9% to 4.1%. Month-on-month, the index rose by 1.1%. (Event B on the chart.)

Richmond Fed manufacturing index rose from 21 in September to 29 in October, reaching the highest reading on record. That was a total surprise to experts who were expecting a drop to 18. (Event C on the chart.)

Consumer confidence slipped to 100.9 in October from 101.3 in September (revised, 101.8 before the revision). Specialists were expecting an increase to 102.1. (Event C on the chart.)

Yesterday, a report on new home sales was released, showing that they were at a seasonally adjusted annual rate of 959k in September. That is compared with the median forecast of 1,025k and the previous month’s revised figure of 994k (1011k before the revision). (Not shown on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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