EUR/USD rallied today even though macroeconomic reports released in the United States today were good. Some analysts explained the rally by
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.)
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