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Jobless Data Shakes EUR/USD, Housing Data Lets Dollar Appreciate

EUR/USD posted a significant intraday spike following a disappointing weekly US jobless data report combined with a mixed sentiment indicator. The currency pair rebounded during the next 15 minutes and went into a downtrend for 2 hours more, spurred by the better-than-expected housing data from the United States.

Initial jobless claims rose from 247k to 260k during the last week. The growth exceeded the median forecasts of 250k claims. (Event A on the chart.)

Philadelphia Fed manufacturing index fell from 12 to 9.7 in October. Although the sentiment index decreased, it was above the forecast value of 5 and still remains in positive territory, which is a good thing for dollar bulls. (Event A on the chart.)

Existing home sales were at the seasonally adjusted annual rate of 5.47 million units in September — up from the August’s value of 5.3 million, and also well above the median forecast of 5.35 million. (Event B on the chart.)

US leading indicators increased by 0.2% in September after decreasing by 0.2% a month earlier. The current growth has been expected by the markets. (Event B on the chart.)

EUR/USD as of 2016-10-20

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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