Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders

Archives

EUR/USD Reacts with a Fall to US-Positive News

September 24, 2014 by

The US dollar fell against the euro today following quite a nice report on the US housing market. The oil inventories report was not a good signal for the USD, but the main drop was undoubtedly caused by the new home sales report.

New home sales were at a seasonally-adjusted annual rate of 504k in August. It is a significant growth from 427k units (revised positively from 412k) reported for July and is also above the median forecast of 430k. (Event A on the chart.)

Crude oil inventories decreased by 4.3 million barrels last week after falling by 3.8 million barrels a week ago. The median forecast was a fall by 0.8 million barrels for this report. Total motor gasoline inventories fell by 0.4 million barrels following 1.6 million barrels decline a week earlier. (Event B on the chart.)

Yesterday, a report on Richmond Fed manufacturing index has shown a growth from 12 to 14 in September, while the market participants expected a decline to 10. (Not shown on the chart.)

EUR/USD as of 2014-09-24

If you have any comments on the recent EUR/USD action, please reply using the form below.

Leave a Reply

required
required (will not be published)