EUR/USD fell today but has started a rebound after the release of US economic data. While the housing report missed expectations, the GDP and consumer confidence indicators were far better than expected. Yet European reports were good as well, helping the euro to stand its ground against the US dollar, which is currently in a consolidation mode. Now, traders wait for US employment data, both private and government.
US GDP rose 3.2% in Q3 2016 according to the preliminary estimate, more than analyst had predicted (3.0%) and above the advance reading (2.9%). The US economy grew 1.4% in Q2. (Event A on the chart.)
Consumer confidence jumped to 107.1 in November from 100.8 in October (revised up from 98.6). Experts had anticipated a much smaller increase to 101.3. (Event C on the chart.)
If you have any comments on the recent EUR/USD action, please reply using the form below.