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EUR/USD Tries to Keep Gains Despite Pullback

January 26, 2021 by

EUR/USD was falling at the start of Tuesday’s trading session but reversed its movement and started to rise at about 8:00 GMT. While the currency pair retreated at 15:45, it was still trading above the opening level at the time of writing. As for today’s macroeconomic releases in the United States, they were mixed, with positive housing data and consumer confidence but an unexpected drop in the manufacturing index.

S&P/Case-Shiller home price index rose by 9.1% in November, year-on-year, accelerating from the previous month’s 8.0% rate of growth and exceeding the median forecast of 8.8%. Month-on-month, the index increased by 1.1%. (Event A on the chart.)

Richmond Fed manufacturing index fell from 19 in December to 14 in January, whereas analysts were expecting the index to stay little changed. (Event B on the chart.)

Consumer confidence rallied to 89.3 in January from 87.1 (revised down from 88.6). Experts had predicted a lower reading of 88.9. (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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