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Mediocre US Data Allows EUR/USD Appreciate on Euro-Optimism

September 27, 2011 by

The EUR/USD currency pair rose today at fastest pace since September 15, as the Forex market reacted on the optimistic speculations that the eurozone’s politicians will find the way out of debt troubles for Greece and other fiscally unstable members of the union. The mediocre macroeconomic stats that were released in the United States today and yesterday didn’t have much effect on the situation.

S&P/Case-Shiller home price index fell from 147.13 to 141.01 seasonally adjusted rate in year-to-year comparison in July 2011. That’s a -4.16% drop compared to -4.40% drop that was forecasted by the economists. (Event A on the chart.)

Consumer confidence rose from 45.2 to 45.4 in August. A growth to 46.0 was the median forecast for this fundamental indicator. (Event B on the chart.)

Richmond Fed manufacturing index rose from -10 to -6 in September, which, despite being a negative factor, is much better than the expected decline to -12. (Event B on the chart.)

Yesterday, a report on the US new home sales for August was released. It showed a drop of the annual rate from 302k to 295k homes, while a decline to 293k was expected. (Not shown on chart.)

EURUSD as of 2011-09-27

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

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