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EUR/USD Struggles to Keep Gains

April 23, 2014 by

EUR/USD rose today as European manufacturing indexes were mostly positive but the currency pair has hard time keeping gains. The dollar tries to gain on the euro even though today’s housing data from the United States was disappointing. Yesterday’s US reports, on the contrary, were better than expected.

New home sales dropped to the seasonally adjusted annual rate of 384k in March from the revised February rate of 449k instead of rising to 455k as was predicted by analysts. (Event A on the chart.)

US crude oil inventories increased by 3.5 million barrels last week and are well above the average range for this time of year. The increase exceeded the predicted change by 2.6 million but was far below the huge growth of 10.0 million in the previous week. Total motor gasoline inventories decreased by 0.3 million barrels and are in the lower half of the average range. (Event B on the chart.)

Yesterday, a report on Richmond Fed manufacturing index was released, showing an increase from -7 in March to 7 in April, instead of the expected figure of 0. (Not shown on the chart.)

Also a report on existing home sales was released yesterday, showing a small change to the seasonally adjusted annual rate of 4.59 million in March from 4.60 million in February. The median forecast was pointing at 4.57 million. (Not shown on the chart.)

EUR/USD-2014-04-23

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