EUR/USD Falls, Extends Decline After Consumer Confidence Beats Expectations

EUR/USD has been falling today, and while the currency pair attempted to halt the decline, currently it looks like the pair is going to resume its fall. US manufacturing data failed to meet expectations but otherwise, today’s macro reports were very good.

S&P/Case-Shiller home price index rose by 10.1% in December, year-on-year, accelerating from the previous month’s 9.2% rate of growth and beating the median forecast of a 9.9% increase. Month-on-month, the index rose by 0.8%. (Event A on the chart.)

Consumer confidence climbed from 88.9 in January (revised negatively from 89.3) to 91.3 in February. That was a surprise to analysts who were expecting an increase to just 90.2. (Event B on the chart.)

Richmond Fed manufacturing index held steady from January to February at 14, whereas market participants were expecting a small increase to 16. (Event B on the chart.)

Yesterday, a report on leading indicators was released, showing an increase of 0.5% in January, which followed a 0.4% gain in December. (Not shown on the chart.)

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Posted on Forex blog.

from Forex Blog https://www.earnforex.com/blog/eur-usd-falls-extends-decline-after-consumer-confidence-beats-expectations/

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