Euro in Correction for 2nd Day on Poor Fundamentals

Two of the three major fundamental indicators of the U.S. economy showed a worse than expected results today in the respective reports, causing EUR/USD to continue its rather slow and uncertain correction on the Forex market. It fell for a second day today, going below the yesterday’s lows. Currently, it’s trading near 1.4369.
ADP employment change report showed 371k job losses in July, which is better than 473k reported for June, but is worse than the forecast’s 350k job losses.
ISM non-manufacturing sentiment index went down from 47.0% to 46.4% in July, while it was expected to grow up to 48.0%.
Factory orders increased by 0.4% in June after gaining 1.1% in May (revised down from 1.2% growth). The market participants expected the amount of orders to remain unchanged.
Crude oil inventories increased by 1.7 million barrels last week, adding to the last week’s gain, while the total motor gasoline inventories decreased by 0.2 million barrels.

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

Leave a Reply

Your email address will not be published. Required fields are marked *

19 + = twenty five