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US Economic Reports Worse Than Forecast, EUR/USD Down

September 28, 2010 by

EUR/USD rose today as the reports from the US were far worse than expected, even though the expectations themselves were rather pessimistic. The currency pair most likely won’t be able to retain its rally for long time as it tends to decline after being boosted by good news. EUR/USD now trades at about 1.3486 after falling to the intraday low of 1.3381.

S&P/Case-Shiller home price index declined slightly in month-to-month comparison from 147.74 to 147.55 (seasonally adjusted) in month of July. Compared to July 2009 the index was up 3.1%, just like analysts expected.

Consumer confidence index retreated in September and now stands at 48.5, down from 53.2 in August. Median forecast promised a figure of 52.5.

Richmond Fed manufacturing index turned negative in September, dropping to −2 from August’s reading of 11. Traders expected decline to 6. Reading below zero indicated worsening conditions.

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

One Response to “US Economic Reports Worse Than Forecast, EUR/USD Down”

  1. Henry Gothie

    I think the euro will soon drop so hard that some will loose their accounts… well that`s forex :)


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