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EUR/USD Backs Off from Multi-Year High

July 27, 2017 by

EUR/USD retreated today following yesterday’s rally but not before reaching the highest level since January 2015. Now, traders wait for US gross domestic product due to release tomorrow. The big increase of durable goods orders reported today gave hope to dollar bulls that GDP may be better than forecasts promised.

Initial jobless claims rose from 234k to 244k last week. The average forecast promised an increase to just 240k. (Event A on the chart.)

Durable goods orders climbed 6.5% in June, almost two time the forecast increase of 3.5%. The decrease in the previous month was revised from 1.1% to 0.8%. (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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