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EUR/USD Drops as European Services & Manufacturing Contract

April 23, 2013 by

EUR/USD declined today as the eurozone manufacturing and service indices showed a contraction of the sectors. (Event A on the chart.) Data from the United States was not encouraging either. The currency pair was attempting to rebound, but remains below the opening level as of now.

New home sales rose a little to the seasonally adjusted rate of 217k in March from 411k in February, being in line with forecasts. (Event B on the chart.)

Richmond Fed manufacturing index fell from 3 in March to -6 in April. Analysts have expected it to stay unchanged. The reading below 0 indicates worsening conditions. (Event B on the chart.)

Yesterday, a report on existing home sales was released, showing a drop from 4.95 million in February to 4.92 million in March. The decline was small, but it was a frustrating surprise for market participants nevertheless as they have expected a small increase to 5.02 million. (Not shown on the chart.)

EUR/USD for 2013-04-23

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

One Response to “EUR/USD Drops as European Services & Manufacturing Contract”

  1. Berita Analisa

    It will be down to 1.2750 very soon or late


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