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EUR/USD Fails to Rally on Disappointing US Housing Data

EUR/USD rallied today but has lost all its gains by now. The currency pair attempted to rally after US new home sales missed expectations, but the rally was extremely short-lived.

New home sales were at the seasonally adjusted annual rate of 555k in January. The reading was higher than the previous month’s 535k but lower than the average forecast of 575k.

Michigan Sentiment Index slipped from 98.5 in January to 96.3 in February according to the revised estimate. Still, it was above the analysts’ consensus prediction of 96.1 and the preliminary reading of 95.7.

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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