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EUR/USD Sinks After Positive Data in Both USA & Eurozone

January 7, 2020 by

EUR/USD sank today following yesterday’s rally. Macroeconomic reports were good in both the eurozone and the United States, giving the currency pair no reason to move in any particular direction.

Trade balance deficit narrowed to $43.1 billion in November from $46.9 billion in October. The actual value was below the median forecast of $44.5 billion. (Event A on the chart.)

ISM services PMI climbed to 55.0% in December from 53.9% in November, beating the consensus forecast of 54.5%. (Event B on the chart.)

Factory orders dropped by 0.7% in November after rising by 0.2% in the previous month. The actual reading was close to the analysts’ median forecast of a 0.6% drop. (Event B on the chart.)

Yesterday, a revised report on Markit services PMI was released, showing a jump to 52.8 in December from 51.6 in November. Market participants were expecting the same 52.2 figure as in the preliminary report. (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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