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EUR/USD Fails to Rally

November 24, 2015 by

EUR/USD was attempting to rally today but failed. The second estimate of US economic growth, which was better than the first one, and positive housing data lent support to the dollar. Yet worse-than-expected indicators for manufacturing and the consumer sentiment prevented the greenback from moving higher.

US GDP rose 2.1% in Q3 2015 according to the preliminary (second) estimate, in line with market expectations. The advance (first) estimate showed 1.5% growth. The indicator climbed 3.7% in Q2 2015. (Event A on the chart.)

S&P/Case-Shiller home price index rose 5.5% in September from a year ago while increasing 0.6% from the previous month. The actual annual increase was bigger than the August’s 5.1% and the 5.2% promised by analysts. (Event B on the chart.)

Richmond Fed manufacturing index slipped from -1 to -3 in November, surprising experts who had predicted a slight improvement to 0. (Event C on the chart.)

Consumer confidence was at 90.4 in November. This is compared to the median forecast of 99.3 and the October’s value of 99.1 (which got a significant upward revision from 97.6 reported initially). (Event C on the chart.)

EUR/USD for 2015-11-24

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