EUR/USD Recovers Even as US GDP Beats Expectations

EUR/USD declined intraday amid the risk-off market sentiment but managed to recover later. Even the better-than-expected US GDP print was unable to prevent the rebound.
US GDP rose 3.5% in Q3 2018 according to the advance estimate. While it was a slower rate of growth than 4.2% registered in Q2, the actual increase was bigger than 3.3% predicted by experts. (Event A on the chart.)
Michigan Consumer Sentiment fell to 98.6 in October from 100.1 in September according to the final estimate. That is compared to the preliminary estimate of 99.0 and the analysts’ forecast of 98.9. Nevertheless, the report said that the sentiment index in 2018 was the highest since 2000. (Event B on the chart.)

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