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EUR/USD Resumes Rally Started Yesterday

EUR/USD has started a rally during yesterday’s American trading session, which continued into the early hours of today’s European session. The currency pair retreated a bit afterwards, but it looks like EUR/USD is going to resume the rally.

Housing starts were at the seasonally adjusted annual rate of 1.18 million in August, near the predicted level of 1.17 million and the July revised rate of 1.19 million. Building permits climbed to the seasonally adjusted annual rate of 1.30 million last month from July’s 1.23 million while experts had anticipated the indicator to stay basically unchanged. (Event A on the chart.)

Current account deficit widened to $123.1 billion in Q2 2017 from $113.5 billion in Q1, whereas specialists did not expect any significant change. (Event A on the chart.)

US import prices rose 0.6% in August after falling 0.1% in July. That was a bigger increase than 0.4% predicted by analysts. Export prices also rose 0.6% following the 0.5% increase in July. (Event A on the chart.)

Yesterday, a report on net foreign purchases was released, showing a reading of $1.3 billion in July. That was far below the predicted value of $42.3 billion and the previous month’s figure of $34.4 billion. (Not shown 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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