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EUR/USD Rallies, Ignoring Data from United States & Eurozone

EUR/USD rallied today. That was a surprise, considering that the economic data in the eurozone was disappointing, while all the US indicators released over the trading session were better than expected. Analysts explained such performance by doubts that the planned US tax reform will be helpful to the US economy in the long run.

Both housing starts and building permits were at the seasonally adjusted annual rate of 1.30 million in November. That is compared to the average forecast of 1.25 million for housing starts and 1.27 million for building permits. The October reading for housing starts was revised from 1.29 million down to 1.26 million. The October value for building permits was revised from 1.32 million to 1.30 million. (Event A on the chart.)

Current account deficit shrank to $100.6 billion in Q3 2017 from $124.4 billion in Q2. That was a better figure than the predicted $116 billion. (Event A 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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