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EUR/USD Up After Disappointing Set of Data from USA

EUR/USD rose a little today after US reports about gross domestic product and durable goods orders disappointed traders (at least those who want to be bullish on the dollar). The US currency was attempting to regain its footing, getting help from the better-than-expected consumer sentiment, but still trades below the opening level against the euro by now.

US GDP demonstrated growth of 1.9% in Q4 2016 according to the advance report, slowing noticeably from the Q3 growth of 3.5%. The actual reading missed the consensus forecast of 2.1%. (Event A on the chart.)

Durable goods orders fell 0.4% in December instead of rising by 2.7% as analysts had predicted. The indicator was down 4.5% in November. (Event A on the chart.)

Michigan Sentiment Index rose from 98.2 in December to 98.5 in January, slightly above the forecast value of 98.2 and the preliminary reading of 98.1. (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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