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EUR/USD Loses Gains Made Earlier During Session

EUR/USD was rising during the current session, getting help from a bunch of solid PMI figures released from the eurozone. Yet the currency pair has reversed its upside movement as of 12:00 GMT and was moving down ever since. Weak manufacturing data from the United States did little to stop the decline.

Markit manufacturing PMI fell from 52.9 in July to 52.1 in August, according to the flash estimate, failing to reach the analysts’ median projection of 53.1. (Event A on the chart.)

Richmond Fed manufacturing index fell from 10 to -11 in August, far below the reading of 6 predicted by experts. (Event B on the chart.)

Unlike manufacturing, the housing market was strong with new home sales rising to the seasonally adjusted annual rate of 654k in July from the downwardly revised rate of 582k in June (592k before the revision). (Event B on the chart.)

EUR/USD as of 2016-08-23

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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