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EUR/USD Little Changed in Subdued Trade

March 21, 2016 by

EUR/USD traded close to its opening level after trying to move both to the upside and to the downside. Trading is subdued as this week is relatively light on economic data and other major events, providing little in term of helping currencies establishing trends. Therefore, traders digest the previous week’s events, the Federal Reserve’s policy announcement in particular.

Existing home sales fell to the seasonally adjusted annual rate of 5.08 million in February from 5.47 million in January. The actual reading was far below the predicted 5.32 million. (Event A on the chart.)

On Friday, a report on Michigan Sentiment Index was released, showing a drop from 91.7 in February to 90.0 in March. It was an unpleasant surprise to economists as they have predicted an increase to 92.1. (Not shown on the chart.)

EUR/USD as of 2016-03-21

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