EUR/USD Rises on Falling House Prices & Slower Manufacturing

EUR/USD rose today despite the concern about the peripheral economies of the European Union. Decreasing home prices and slower manufacturing growth also contributed to the dollar weakness. Interestingly, consumer confidence in the US improved in spite of unfavorable economic data. EUR/USD trades now near 1.3670 after it dropped earlier to 1.3573
S&P/Case-Shiller Home Price index (seasonally-adjusted) declined from 143.48 to 142.70 in November. The index declined 1.6% on year-over-year basis, compared to the previous decline by 0.8% and the expected value of 1.4%. (Event A on the chart.)
Richmond Fed manufacturing activity index declined from 25 to 18 in January, while it was expected to decrease only to 23. (Event B on the chart.)
Consumer Confidence index, which had dropped in December to 53.3, increased in January to 60.6. The median forecast promised a value of 54.4. (Event B on the chart.)


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