EUR/USD declined today, falling for the fifth day in six. US macroeconomic reports released during the current session were positive as the trade deficit shrank more than expected while factory orders demonstrated solid growth. The drop was limited, though, as traders were cautious ahead of the meeting between US President Donald Trump and Chinese President Xi Jinping.
US trade deficit logged a deficit of $43.6 billion in February, down from $48.2 billion in January. It was better than the median forecast of a $46.0 billion gap. (Event A on the chart.)
Factory orders rose 1.0% in February, exactly as analysts had predicted. The increase followed the 1.5% gain in January (revised, 1.2% before the revision). (Event B on the chart.)
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