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EUR/USD Ends Three-Day Rally

January 24, 2017 by

The eurozone released a bunch of Purchasing Managers’ Indexes today, which were decent for the most part. Yet that did not prevent EUR/USD from falling on Tuesday, halting the three-day rally. As for US data, manufacturing indicators were very good, while the existing home sales report was disappointing.

Markit manufacturing PMI rose from 54.3 in December to 55.1 in January. Analysts had predicted just a small increase to 54.6. (Event A on the chart.)

Existing home sales decreased to the seasonally adjusted annual rate of 5.49 million in December from an upwardly revised 5.65 million in November (5.61 million before the revision). The median forecast promised a reading of 5.54 million. (Event B on the chart.)

Richmond manufacturing index rose from 8 to 12 in January, while experts had forecast a small decrease to 7. (Event B on the chart.)

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

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