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EUR/USD Trades Sideways After Strong Rally

EUR/USD demonstrated a strong rally today, though at the time of writing the pair has been trading sideways. US macroeconomic reports released over the trading session were mixed, with some of them coming out better than expected while others were disappointing.

US GDP rose by 4.1% in Q4 2020 according to the preliminary (second) estimate. That was a better reading than the advance estimate of 4.0% but worse than the consensus forecast of 4.2%. GDP surged by 33.1% in Q3, recovering from a huge slump logged in the preceding quarter. (Event A on the chart.)

Durable goods orders climbed by 3.4% in January. That was a surprise as analysts had predicted just a mild increase of 0.9%. Furthermore, the previous month’s increase got a positive revision from 0.2% to 0.5%. (Event A on the chart.)

Initial jobless claims were at 730k last week, seasonally adjusted, down from the previous week’s revised figure of 841k (861k before the revision). Experts had predicted a much smaller decrease to 828k. (Event A on the chart.)

Pending home sales dropped by 2.8% in January. That was a surprise to experts who were expecting an increase of 0.2%. The previous month’s reading got a revision from a decrease by 0.3% to an increase of 0.5%. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Posted on Forex blog.

from Forex Blog https://www.earnforex.com/blog/eur-usd-trades-sideways-after-strong-rally/

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