EUR/USD fell today at a fastest daily pace since the early September as the fundamentals in U.S. came out at a better than expected level today, spurring both U.S. stock market and dollar rallies. EUR/USD lost almost 300 pips today and is currently trading near 1.4129 level.
Chicago PMI, indicating the business confidence, dropped from 57.9 to 56.7 in September — thats not a bad result, considering the average forecast of 54.0 for this index.
Consumer confidence index, measured by the Conference Board, rose from 58.5 to 59.8 this month, bringing a very positive surprise to the dollar and U.S. stocks bulls. The median forecast for this index Septembers value was at 55.0. The continuous growing of the confidence indicators from the month of June, signal that the recession in U.S. isnt strong enough and will probably disappear soon.
