Today’s economic reports from the United States were good across the board, making it surprising that the dollar was unable to maintain its rally against the euro. Perhaps traders thought that the rally was excessive or perhaps they decided to take profit ahead of the Janet Yellen’s speech in Jackson Hole, Wyoming, tomorrow.
Seasonally adjusted initial jobless claims were at 298k last week, below the predicted 302k and the previous week’s figure of 312k. (Event A on the chart.)
Philadelphia Fed manufacturing index climbed from 23.9 in July to 28.0 in August, reaching the highest reading since August 2011. It was a pleasant surprise for dollar bulls as the actual reading was far better than the predicted drop to 19.7. (Event B on the chart.)
Existing home sales were at the seasonally adjusted annual rate of 5.15 million in July, above the forecast value of 5.01 million and the revise June figure of 5.03 million. (Event B on the chart.)
Leading indicators rose 0.9% in July. Analysts have expected the same 0.6% growth as in the previous month (which was revised from 0.3%). (Event B on the chart.)
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