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Positive US Data Doesn’t Prevent Rally of EUR/USD

EUR/USD rallied today even though macroeconomic reports released in the United States today were good. Some analysts explained the rally by profit-taking after the dollar has strengthened recently. Overall, fundamentals still look good for the US currency, though tomorrow’s meeting of the European Central Bank may boost the euro further up against the greenback.

Durable goods orders increased 2.2% in September, almost two times the forecast increase of 1.0%. Moreover the August increase was revised from 1.7% to 2.0%. (Event A on the chart.)

New home sales were at the seasonally adjusted annual rate of 667k in September. That is compared to the median forecast of 555k and the previous month’s rate of 561k. (Event B on the chart.)

Crude oil inventories rose by 0.9 million barrels last week following the drop by 5.7 million the week before. That was a complete surprise to experts who were counting on 2.6 million drop. Total motor gasoline inventories, on the other hand, slumped by 5.5 million barrels last week, though remained in the upper half of the average range for this time of year. (Event C 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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