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EUR/USD Starts Week Without Clear Direction

April 28, 2014 by

EUR/USD started the week without clear direction, hanging just barely above the opening level right now. The currency pair demonstrated a sharp rally by 6:45 GMT but gave away most of its gains later. Uncertainty about the situation in Ukraine was not helping the pair to decide where to go. European policy makers were talking about the threat of a high exchange rate yet again, but it did not affect the euro to a noticeable degree.

Pending home sales jumped 3.4% in March, exceeding the median forecast of 1.0%. The February change was revised positively from -0.8% to -0.5%. (Event A on the chart.)

On Friday, a report on Michigan Sentiment Index was released. The gauge climbed from 80.0 in March to 84.1 in April according the revised estimate. The actual figure is above the preliminary reading of 82.6 and the analysts’ forecast of 83.2. (Not shown on the chart.)

EUR/USD-2014-04-28

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