EUR/USD Rebounds as Markets Fear Trade Wars

EUR/USD rebounded after yesterday’s decline. US macroeconomic data released over the trading session was mixed, but traders barely paid any attention to it. Rather, they were focusing on the threat of trade wars. Additionally, US President Donald Trump promised to veto the spending bill unless it includes funding for the wall he promised in his election campaign, meaning that the US government may face yet another shutdown.
Durable goods orders jumped 3.1% in February, two times the forecast increase of 1.6%. The indicator slumped 3.6% in January. (Event A on the chart.)
New home sales were at the seasonally adjusted annual rate of 618k in February. Analysts had expected the same reading as the positively revised 622k registered in January (593k before the revision). (Event B on the chart.)

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