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EUR/USD Rebounds on Black Friday

November 25, 2016 by

EUR/USD was rising today, though it has retreated from its highs by now. Most analysts believe that fundamentals remain strongly supportive to the dollar, and the currency’s retreat today was just a result of traders booking profits during the shortened trading week.

Preliminary wholesale inventories fell 0.4% in October, the reading that was nowhere near the forecast increase of 0.3%. The inventories were up 0.2% in September. (Event A on the chart.)

Flash Markit services PMI registered a reading of 54.7 in November. It was almost the same as October’s 54.8 and not far from the figure of 54.9 predicted by analysts. (Event B on the chart.)

EUR/USD as of 2016-11-25

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