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EUR/USD Rebounds After Big Drop

April 18, 2013 by Vladimir Vyun

EUR/USD bounced today after yesterday’s drop that was caused by the downwardly revised global economic growth projections from the International Monetary Fund. Today, the market sentiment is mildly positive, but the optimism is fragile as US macroeconomic data was worse than expected, while disappointing corporate earnings led to a drop of US stocks.

Initial jobless claims rose a little to the seasonally adjusted 352k last week from the previous week’s 348k, while the forecast was at 349k. (Event A on the chart.)

Philadelphia Fed manufacturing index fell from 2.0 in March to 1.3 in April instead of rising to 2.7 as was predicted by analysts. The reading above 0.0 still indicated an improvement of the sector. (Event B on the chart.)

Leading indicators slipped 0.1% in March, while experts have promised an increase by the same rate. The index rose 0.5% in February. (Event B on the chart.)

Yesterday, a report on crude oil inventories was released, showing a decrease by 1.2 million barrels (instead of the expected increase by the same amount) last week, while total motor gasoline inventories decreased by 0.6 million barrels. (Not shown on the chart.)

EUR/USD  for 2013-04-18

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

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