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EUR/USD Pares Losses as US Consumer Confidence Falls

March 14, 2014 by

EUR/USD erased yesterday’s losses today as economic reports from Europe were relatively good, while US data was disappointing, particularly the unexpected drop of consumer confidence. Still, the currency pair remains under pressure as the upcoming referendum in Crimea about secession from Ukraine and joining Russia makes traders nervous, encouraging them to prefer safe currencies over riskier ones. Signs of slower economic growth in China do not help to improve the market sentiment either.

PPI fell by 0.1% in February instead of demonstrating an increase at the same rate of 0.2% as in January, which has been predicted by analysts. (Event A on the chart.)

Preliminary Michigan Sentiment Index fell to 79.9 in March from February’s 81.6, while experts have hoped for an increase to 81.9. (Event B on the chart.)

EUR/USD-2014-03-14

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