EUR/USD unchanged at 1.1018. US economic data is weaker than expected.

 

EUR/USD jumped during North American session today after a drop to daily low of 1.0955 on European hours. The currency pair closed at 1.1018, almost at a yesterday close.

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The rebound of the rate was due to release of weak US economic data. According to the announcement from Commerce Department, single-family home sales declined 9.2% last month to 494,000 units. The results are weaker than the analysts’ estimates of 520,000 units.

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Another release form Markit showed that the services sector contracted in February with the index standing below 50 mark. US services PMI business activity index dropped to 49.8 from 53.2 in January. The analysts had estimated this figure to stand at 53.5.

“The reports point to some weakening in underlying economic momentum. That said, we continue to expect the recovery to rebound from the fourth-quarter stumbles, though the outlook beyond the first quarter remains very uncertain,” said Millan Mulraine from TD Securities.

US markets slightly rose today driven by an increase in oil prices during North American hours. The major indices had the following performance:

  • DJIA increased by 0.32% closing at 16,484.99.
  • Nasdaq Composite finished at 4,542.61, up 0.87%.
  • S&P 500 closed at 1,929.80, which is 0.44% higher than the previous close.

Oil prices significantly recovered at the end of the day closing the session on positive sign. The WTI Crude finished at $32.15, which is 0.88% above the previous close. The Brent Crude was trading at $34.37 as of 5:22 PM EST, representing an increase of 3.31%.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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