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EUR/USD Surges After Speech of ECB President

June 27, 2017 by

EUR/USD surged today after the speech of Mario Draghi, President of the European Central Bank. (Event A on the chart.) Markets considered his comments to be hawkish, that is why the currency pair reacted positively. Good US macroeconomic indicators halted the rally, but EUR/USD was still hanging near the day’s highs.

S&P/Case-Shiller home price index rose 5.7% in April, year-on-year, while experts had predicted the same 5.9% increase as in March. Month-over-month, the index was up 0.9%. (Event B on the chart.)

Richmond Fed manufacturing index climbed from 1 in May to 7 in June, exceeding the median forecast that promised a value of 4. (Event C on the chart.)

Consumer confidence jumped from 117.6 in May to 118.9 in June instead of falling to 116.1 as analysts had predicted. (Event C on the chart.)

Yesterday, a report on durable goods orders was released, showing a drop by 1.1% in May. That is compared to the predicted decrease by 0.5% and the April fall by 0.8%. (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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