EUR/USD maintained yesterday’s gains, but the rally was relatively small as the majority of today’s reports from the United States were very good. The relatively small increase of unemployment claims was a real surprise, considering that the previous reading was thought to be incorrect, and the surge of the manufacturing index was unexpected (but welcomed) as well.
Initial jobless claims increased from 294k to 309k last week. It was not a small increase, but the data was not bad, nevertheless, as the previous reading was attributed to a statistical error. Market participants have feared that the value would jump to 331k. (Event A on the chart.)
The current account deficit shrank to $98.9 billion (preliminary) in the second quarter of 2013 from $104.9 billion (revised) in the first quarter. The figure was still a little above the forecast of $96 billion. (Event A on the chart.)
Existing home sales rose sharply to the seasonally adjusted annual rate of 5.39 million in July from the downwardly revised rate of 5.06 million in June, while traders have anticipated a decrease to 5.27 million. (Event B on the chart.)
Philadelphia Fed manufacturing index surged from 9.3 in August to 22.3 in September. The median forecast has promised just a small increase to 10.2. (Event B on the chart.)
Leading indicators rose 0.7% in August, matching forecasts, following the downwardly revised increase by 0.5% in July. (Event B on the chart.)
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