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EUR/USD Reaches Highest Since September Following French Elections

EUR/USD gained today, touching the highest level since November. The reason for the rally was the French Presidential election over the weekend. The voting resulted in markets-favored pro-euro centrist candidate Emmanuel Macron going to the second round with the biggest number of votes.

Today’s economic data from the United States was fairly decent, with the very strong figures coming from the housing market, but the worse-than-expected consumer confidence.

S&P/Case-Shiller home price index rose 5.9% in February from a year ago. Analysts had predicted the same 5.7% rate of growth as in January. Month-on-month, the index was up 0.4%. (Event A on the chart.)

Richmond Fed manufacturing index stood at 20 in April. While it was a decrease from March’s 22, the actual figure was above the median forecast of 18. (Event B on the chart.)

Consumer confidence fell from 124.9 in March to 120.3 in April, missing the consensus prediction of 123.7. (Event B on the chart.)

New home sales were at the seasonally adjusted annual rate of 621k in March. The value was above the predicted 590k and the previous month’s revised level of 587k (592k before the revision). (Event B 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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