Home / Forex & Currency Exchange News / EUR/USD Recovers from Intraday Drop

EUR/USD Recovers from Intraday Drop

EUR/USD dropped today but has almost recovered by now as the dollar remained under pressure from concerns about the planned US tariffs on steel and aluminum imports. The recovery paused for a short while following the release of decent reports about the US services sector but resumed fairly quickly.

Markit services PMI climbed from 53.3 in January to 55.9 in February according to the final estimate. It was unrevised from the preliminary reading and matched the consensus forecast exactly. (Event A on the chart.)

ISM services PMI slipped from 59.9% in January to 59.5% in February but was still above the analysts’ prediction of 58.9%. (Event B on the chart.)

On Friday, a revised report on Michigan Sentiment Index was released, showing an increase from 95.7 in January to 99.7 in February. That is compared to the preliminary figure of 99.9 and the median forecast of 99.4. (Not shown 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

Chinese Yuan shows resilience, despite emerging markets pressured by trade concerns

Article by ForexTime Conflicting indications over the status of trade talks between the United States and China has contributed towards a subdued opening of the week for financial markets. Reports that President Donald Trump will most likely impose tariffs on $200 billion worth of Chinese goods have collided with other reports that Beijing was considering […]

Leave a Reply

Your email address will not be published. Required fields are marked *