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EUR/USD Defies Fundamentals

August 27, 2013 by

The behavior of EUR/USD was rather strange today as it sharply dropped after the positive German business climate report (event A on the chart), but jumped as US macroeconomic releases also came out good. Whatever the reason for such performance, the currency pair hangs above the opening level as of now.

S&P/Case-Shiller home price index rose 12.1% in June from a year ago. The increase was near the May change of 12.2% and the forecast of 11.9%. (Event B on the chart.)

Richmond Fed manufacturing index climbed from -11 in July to 14 in June. It was a very pleasant surprise as economists have anticipated just a small improvement to -7. (Event C on the chart.)

Consumer confidence improved from 81.0 in July (revised upwardly from 80.3) to 81.5 in August. The actual reading was definitely better than the predicted drop to 79.6. (Event C on the chart.)

EUR/USD for 2013-08-27

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

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