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EUR/USD Slides amid Trump Worries

January 26, 2017 by

EUR/USD slid today even though economic indicators released from the United States were mixed and traders were cautious about potential policies of the new US President, Donald Trump.

Initial jobless claims climbed from 237k to 259k last week, exceeding the analysts’ median forecast of 247k. (Event A on the chart.)

Flash Markit services PMI advanced from 53.9 in December to 55.1 in January, above the consensus forecast value of 54.4. (Event B on the chart.)

New home sales were at the seasonally adjusted annual rate of 536k in December, down from 598k in November. Experts had predicted a far better reading of 585k. (Event C on the chart.)

Leading indicators rose 0.5% in December, matching forecasts exactly, after rising 0.1% in November (revised from zero change). (Event C on the chart.)

Yesterday, a report on crude oil inventories was released, showing an increase of 2.8 million barrels. It was bigger than the previous week’s gain of 2.3 million and the forecast increase of 1.5 million. Total motor gasoline inventories swelled by 6.8 million barrels. (Not shown on the chart.)

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

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