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EUR/USD Up as Manufacturing Grows in Europe, Declines in US

August 23, 2011 by

EUR/USD rallied today after the report showed a better than expected value for manufacturing growth in the Eurozone. (Event A on the chart.) The currency pair started to fall by 9:30 GMT, but currently attempts to resume rally as the US manufacturing declined even more than was predicted.

New home sales were at a seasonally adjusted annual rate of 298k in July, decreasing from June value of 312k. Small increase to 313k was expected. (Event B on the chart.)

Richmond Fed manufacturing index fell to -10 in August, below the media forecast of -7. The index was at -1 in July. (Event B on the chart.)

EUR/USD for 2011-08-23

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