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EUR/USD Remains Weak After Mixed US Data

February 23, 2016 by

EUR/USD continued to fall today, albeit with slower pace, even though economic data from the United States was mixed. The currency of the eurozone is still plagued by uncertainty regarding membership of Great Britain in the European Union. Additionally, the German business climate indicator dropped sharply, surprising market participants who were prepared just for a small decline. (Event A on the chart.)

S&P/Case-Shiller home price index rose 5.7% in December 2015 from the same month a year ago. The rate of growth was similar to that in November and close to market expectations. Month-on-month, the indicator was almost flat, growing less than 0.1%. (Event B on the chart.)

Consumer confidence dropped from 97.8 in January to 92.2 in February. It was a surprise to market analysts who had anticipated just a marginal decrease to 97.4. (Event C on the chart.)

Existing home sales were at the seasonally adjusted annual rate of 5.47 million in January. That is compared to the downwardly revised 5.45 million in December and the forecast 5.37 million. (Event C on the chart.)

Richmond Fed manufacturing index fell to -4 in February while experts had predicted it to stay unchanged from the January’s figure of 2. (Event C on the chart.)

EUR/USD as of 2016-02-23

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