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EUR/USD Spikes Up on Poor Consumer Confidence

December 27, 2018 (Last updated on January 3, 2019) by

EUR/USD traded in an uptrend for the most part today, largely ignoring the expected figures of the weekly employment report, but posting a high spike upon release of a monthly consumer confidence report. The bulk of market reaction seems to have happened right before the release though.

Initial jobless claims fell from 217k to 216k in the United States last week. The value has been expected to remain at the previous level of 217k. However, such a small change is not considered important by market participants. (Event A on the chart.)

Consumer confidence unexpectedly fell from 136.4 to 128.1. Traders were counting on the median forecast of 133.7. Although the decline in the confidence index was abrupt, the current value is still rather high. (Event B on the chart.)

EUR/USD as of 2018-12-27

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

One Response to “EUR/USD Spikes Up on Poor Consumer Confidence”

  1. Think Pad

    The EUR/USD is the best currency . i have learned lot of profit

    Reply

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