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EUR/USD Rises During Slow Holiday Trading

December 27, 2017 by

EUR/USD rose during the Wednesday’s slow trading. With absence of any major fundamental drivers, traders flocked to riskier currencies, avoiding safer ones. US economic data was mixed as the housing market continued to show decent performance, while the consumer confidence tanked unexpectedly.

Consumer confidence dropped to 122.1 in December from the negatively revised reading of 128.6 registered in November (129.5 before the revision). The actual drop was far bigger than a decline to 128.2 predicted by analysts. (Event A on the chart.)

Pending home sales increased 0.2% in November. While the increase was small, it was a better reading than a drop by 0.4% forecast by experts. The indicator climbed 3.5% in October. (Event A on the chart.)

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

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