US economic data surprised positive yesterday, but the trend for negative surprises quickly returned as today’s data was worse than expected. Unemployment claims unexpectedly rose and durable goods orders fell more than was anticipated. EUR/USD was falling before the economic releases, but started to rise after the reports and currently trades almost at the opening level.
Initial jobless claims rose from 334k to 348k last week, while analysts have hoped they would stay almost unchanged. (Event A on the chart.)
Durable goods orders fell by 1.0% in January. The drop was much smaller than the December fall by 5.3%, but above analysts’ projections of a 0.7% drop. (Event A on the chart.)
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