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EUR/USD Drops, Attempts to Bounce After US Data

November 29, 2016 by

EUR/USD fell today but has started a rebound after the release of US economic data. While the housing report missed expectations, the GDP and consumer confidence indicators were far better than expected. Yet European reports were good as well, helping the euro to stand its ground against the US dollar, which is currently in a consolidation mode. Now, traders wait for US employment data, both private and government.

US GDP rose 3.2% in Q3 2016 according to the preliminary estimate, more than analyst had predicted (3.0%) and above the advance reading (2.9%). The US economy grew 1.4% in Q2. (Event A on the chart.)

S&P/Case-Shiller home price index rose 5.1% in September from a year ago, the same as in August. Analysts had promised a bit bigger growth by 5.3%. The index was up 0.1% month-on-month. (Event B on the chart.)

Consumer confidence jumped to 107.1 in November from 100.8 in October (revised up from 98.6). Experts had anticipated a much smaller increase to 101.3. (Event C on the chart.)

EUR/USD as of 2016-11-29

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