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EUR/USD Down Slightly after Series of Reports

April 1, 2009 by Andriy Moraru

EUR/USD fell from 1.3242 to 1.3222 (only 20 pips) today. The news reports from U.S. were mixed, but they were bad enough to destroy the market optimism and shift the focus on the Forex from the dollar’s weakness to tomorrow’s ECB rate decision.

According to ADP report, the private nonfarm employment declined by 742k in March after falling by 706k in February (revised down from 697k). The report was expected to show an improvement to 663k decline.

Construction spending fell by 0.9% in February, following 3.5% decline (revised down from 3.3% drop) in January. Traders expected a decline by 1.9%.

ISM manufacturing index (PMI) rose from 35.8% to 36.3% in March. A growth to 36% was expected.

Pending home sales index increased by 2.1% in February after declining by 7.7% in January. According to the median forecast it was expected to remain unchanged.

U.S. crude oil inventories rose by 2.8 million barrels last week, continuing its gaining streak.

2 Responses to “EUR/USD Down Slightly after Series of Reports”

  1. zuljaalaa

    Why I see EUR/USD going up right now?

    Reply

    Andrei Reply:

    Why not? Why asking about it in the yesterday’s news? With the similar success you could ask that in the post about April 1st 2007 situation.

    Reply

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