EUR/USD Struggles to Extend Rally Ahead of Yellen’s Speech

EUR/USD was attempting to extend yesterday’s rally but had troubles with doing so as economic data released today from the United States was rather good. Now, traders turned their attention to the upcoming speech of Federal Reserve’s chief Janet Yellen as her comments may change the outlook for the dollar.
S&P/Case-Shiller home price index rose 5.7% in January (year-on-year), exactly as forecasters had predicted and almost at the same rate as in December (5.6%). Month-on-month, the index was little changed (-0.02%). (Event A on the chart.)
Consumer confidence was at 96.2 in March, far above the 93.9 level predicted by experts. On top of that, the February figure received a positive revision from 92.2 to 94.0. (Event B on the chart.)


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