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Dollar Rises vs. Euro After GDP, Loses Gains Later

The US dollar attempted to rally against the euro during the Thursday’s trading session as the final revision of US gross domestic product was better than the preliminary one. Yet the greenback failed to keep its rally, and currently EUR/USD trades above the opening level.

US GDP rose 1.4% in Q2 2016 according to the third and final estimate after increasing 0.8% in Q1. The actual value was above the predicted 1.3% and the preliminary 1.1%. (Event A on the chart.)

Initial jobless claims rose a bit to 254k last week from the previous week’s revised value of 251k but were still below the forecast level of 260k. (Event A on the chart.)

Pending home sales fell 2.4% in August, far more than analysts had predicted — 0.1%. The indicator rose 1.2% in July. (Event B on the chart.)

EUR/USD as of 2016-09-29

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

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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