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EUR/USD Little Changed as Traders Assess Chances of Rate Hike

EUR/USD was little changed today but was heading to weekly gains as US policy makers talked down chances for another interest rate hike by the end of the year. US economic data was mixed today, giving the currency pair no direction.

Trade balance deficit was at $43.7 billion in July, almost unchanged from $43.5 billion in June, revised. Forecasters had predicted an increase to $44.6 billion. (Event A on the chart.)

Markit services PMI rose from 54.7 in July to 56.0 in August according to the final estimate. Analysts expected about the same reading as preliminary 56.9. (Event B on the chart.)

ISM services PMI rose from 53.9% in July to 55.3% in August but failed to meet the 55.8% level predicted by specialists. (Event C on the chart.)

Yesterday, a report on factory orders was released, showing a drop by 3.3% in July, which matched forecasts exactly. The previous month’s increase was revised from 3.0% up to 3.2%. (Not show on the chart.)

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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