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EUR/USD Jumps After Moving Sideways

August 9, 2016 (Last updated on September 21, 2016) by

EUR/USD was moving sideways for the most part of the current trading session but has jumped sharply not so long ago and is now trading far above the opening level. At the present time, it is hard to say what drove the currency pair upwards. The general sentiment remains in favor of the dollar due to speculations about possible interest rate hike, while the euro is hurt by concerns about the Brexit and its implications for the European economy.

Nonfarm productivity fell 0.5% in Q2 2016 whereas analysts had forecast it to rise at the same rate. The drop in Q1 was revised from 1.0% to 0.6%. (Event A on the chart.)

Wholesale inventories rose 0.3% in June after rising 0.2% in May (revised from the initial estimate of 0.1%). Analysts did not expect any change to the indicator. (Event B on the chart.)

EUR/USD as of 2016-08-09

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