Home / Forex & Currency Exchange News / EUR/USD Extends Decline Despite Poor US Data

EUR/USD Extends Decline Despite Poor US Data

EUR/USD extended yesterday’s decline as markets welcomed the testimony of the new Federal Reserve chief Jerome Powell. The currency pair fell even as today’s macroeconomic data in the United States was not that hot, though the decline was limited and the pair is trying to rebound right now.

US GDP rose by 2.5% in Q4 2017 according to the preliminary (second) estimate, slowing from the growth of 3.2% in Q3. The actual reading was in line with market expectations and a bit lower than the advance (first) estimate of 2.6%. (Event A on the chart.)

Chicago PMI dropped from 65.7 in January to 61.9 in February, far below the predicted figure of 64.2. (Event B on the chart.)

Pending home sales slumped by 4.7% in January to the lowest level in over three years instead of rising by 0.4% as analysts had promised. Moreover, the previous month’s reading was revised from an increase by 0.5% to no change. The report attributed the slump to low supply levels and a sudden increase of mortgage rates. (Event C on the chart.)

Crude oil inventories increased by 3.0 million barrels last week, exceeding the consensus forecast of 2.4 million. The increase followed the previous month’s drop by 1.6 million. Total motor gasoline inventories expanded by 2.5 million barrels. (Event D on the chart.)

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

Posted on Forex blog. Click Here For Original Source Of The Article

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.

Check Also

USD bulls roar back into life

USD bulls roar back into life

Article by ForexTime There has been some big news in the late evening trading session as it appears that Muller has subpoenaed documents from the Trump organisation relating to Russia, which has spooked equity markets as a result. However, the big story of the day has been the strength of the USD. It would seem […]

Leave a Reply

Your email address will not be published. Required fields are marked *