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EUR/USD Trades Positively on Positive US Fundamentals

December 27, 2016 by

The euro added momentum against the greenback during today’s trading session after some better-than-expected macroeconomic indicators had been released in the United States. The positive mood in the financial markets has contributed to the risk-on sentiment, which is hurting the USD.

S&P/Case-Shiller home price index added 5.1% in October compared to the same month a year ago. The growth was slightly above both the expectations and the last month’s value — 5.0%. (Event A on the chart.)

Consumer confidence rose sharply in December, going up from 109.4 (revised from 107.1) to 113.7 — the best reading in 13 years. The median forecast value had been pointing at 109.0 value for December. (Event B on the chart.)

Richmond Fed manufacturing index was another positive sentiment indicator today. It literally doubled by going up from 4 to 8 in December, considerably surpassing the expected reading of 5. (Event B on the chart.)

EUR/USD as of 2016-12-27

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

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