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Unexpectedly Good US Macroeconomics Bring EUR/USD Down

September 30, 2010 by

EUR/USD currency pair is falling after sharp advance as virtually all of the economic reports from the US were better than expected. At the same time concerns about Ireland’s banks are driving the euro down, as well as a downgrade of Spain’s debt rating. EUR/USD trades near it opening level of 1.3626 now.

Initial jobless claims was at the seasonally adjusted rate of 453k, down from the previous week’s revised figure of 469k. The figure was better than traders’ expectations of 458k.

US GDP change for the 2nd quarter of 2010 received it final revision report today, which showed an increase by 1.7%. Analysts expected the increase to be same as in the 1st quarter — 1.6%.

Chicago PMI advanced significantly to 60.4 in September from a previous reading of 56.7 in August, and above forecasts that indicated a value of 56.0 for this index.

Yesterday, a report on crude oil inventories was released, showing that US stockpiles of crude decreased by 0.5 million barrels from the previous week and total motor gasoline inventories decreased by 3.5 million barrels.

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

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