Forex Blog

EUR/USD rallied for a brief time following optimistic outlook expressed by European Central Bank President Mario Draghi at the press conference that followed the central bank’s policy meeting. (Event A on the chart.) The rally was extremely short-lived, though, and the currency pair has dipped below the opening level by now. US macroeconomic data released today was generally good but had limited impact on the Forex market.

Durable goods orders rose 0.8% in September instead of falling 1.3% as experts had predicted. The increase followed the gain of 4.6% in August. (Event A on the chart.)

Initial jobless claims rose from 210k to 215k last week, in line with market expectations. (Event A on the chart.)

Pending home sales increased by 0.5% in September, whereas analysts had expected a small drop by 0.1%. Sales dipped 1.9% in August. (Event B on the chart.)

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