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EUR/USD Drops After Senate Passes Budget Draft

October 20, 2017 by

EUR/USD dropped today as US Senate approved a budget blueprint that should pave the way for tax cuts promised by US President Donald Trump in his election campaign. Positive macroeconomic data released in the United States over the Friday’s session also dragged the currency pair down.

Existing home sales rose to the seasonally adjusted annual rate of 5.39 million in September from 5.35 million in August. That is instead of falling to 5.30 million as analysts had predicted. (Event A on the chart.)

After a long delay (about a week), treasury budget was released, showing an unexpected surplus of $8.0 billion in September instead of a deficit of $0.9 billion predicted by experts. In August, the deficit was at $107.7 billion. (Not shown on the chart.)

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