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EUR/USD Jumps on Mixed US Data as Traders Wait for Fed

January 27, 2015 by

EUR/USD climbed 1.1 percent today as mixed US data weakened the dollar, while the euro maintained its strength. The euro was firm even after the anti-austerity Syriza party won the elections in Greece on the weekend. Ahead of the voting, market analysts considered such outcome detrimental to the euro but changed their thinking after the elections. The Federal Reserve will conduct monetary policy meeting tomorrow, and traders wait for the Fed decision that may influence the Forex market significantly.

Durable goods orders tumbled 3.4% in December. The actual reading was nowhere near the predicted increase by 0.6%. Moreover, the previous month’s figure was revised negatively from -0.7% to -0.9%. (Event A on the chart.)

S&P/Case-Shiller home price index rose 4.3% in November from a year ago, less than was predicted by market analysts (4.4%) and the October’s increase (4.5%). Month-on-month, the gauge fell 0.22%. (Event B on the chart.)

Richmond Fed manufacturing index was at 6 in January, close the previous month’s reading of 7 and matching forecasts exactly. (Event C on the chart.)

Consumer confidence jumped sharply from the upwardly revised December’s level of 93.1 to 102.9 in January. The figure was far above the predicted reading of 95.3. (Event C on the chart.)

New home sales climbed from the November’s revised value of 431k to the seasonally adjusted annual rate of 481k in December. The median forecast promised a smaller increase to 452k. (Event C on the chart.)

EUR/USD for 2015-01-27

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