Home / Forex & Currency Exchange News / EUR/USD Halts Decline Despite Fundamentals

EUR/USD Halts Decline Despite Fundamentals

EUR/USD halted its decline, rising today, even though fundamentals were supportive to the dollar. The US economic growth in the third quarter got a positive revision. Janet Yellen sounded rather optimistic during her last testimony of Federal Reserve Chairperson. (Event B on the chart.)

US GDP rose at the annual rate of 3.3% in Q3 2017 according to the preliminary estimate, an upward revision from the advance figure of 3.0%. It was completely withing expectations of most market participants. The US economy expanded 3.1% in Q2 2017. (Event A on the chart.)

Pending home sales increased 3.5% in October from September, far exceeding the median forecast of a 1.1% growth. On a negative side, the September reading was revised from no change to a drop by 0.4%. (Event B on the chart.)

Crude oil inventories decreased by 3.4 million barrels last week but remained in the upper half of the average range for this time of year. The drop was bigger than the predicted decline by 2.5 million and the previous week’s decreased by 1.9 million. Meanwhile, total motor gasoline inventories increased by 3.6 million barrels, though stayed at the middle of the average range. (Event C 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Your email address will not be published.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 *