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EUR/USD Loses Gains Made Earlier During Session

August 23, 2016 by

EUR/USD was rising during the current session, getting help from a bunch of solid PMI figures released from the eurozone. Yet the currency pair has reversed its upside movement as of 12:00 GMT and was moving down ever since. Weak manufacturing data from the United States did little to stop the decline.

Markit manufacturing PMI fell from 52.9 in July to 52.1 in August, according to the flash estimate, failing to reach the analysts’ median projection of 53.1. (Event A on the chart.)

Richmond Fed manufacturing index fell from 10 to -11 in August, far below the reading of 6 predicted by experts. (Event B on the chart.)

Unlike manufacturing, the housing market was strong with new home sales rising to the seasonally adjusted annual rate of 654k in July from the downwardly revised rate of 582k in June (592k before the revision). (Event B on the chart.)

EUR/USD as of 2016-08-23

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