EUR/USD reversed its movement today, going down after rising earlier during the week. Market analysts explained it by the rally of the dollar caused by the jump of global stocks. US stocks in particular showed big gains, signaling about improving confidence in the US economy. As for US macroeconomic data it was mixed, with rising import prices, but deteriorating consumer sentiment.
Import prices rose 0.5% in September, exceeding the average forecast of a 0.3% increase. The previous month’s reading got a positive revision, which reduced the 0.6% drop to 0.4%. Import prices showed no change after falling 0.2% in August (revised). (Event A on the chart.)
Preliminary Michigan Sentiment Index showed a drop to 99.0 in October from 100.1 in September. Analysts had predicted an increase to 100.4. (Event B on the chart.)
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