Yesterday US durable goods orders numbers came out up 3.6 percent for May m/m followed by the durable orders excluding transport items which rose by 0.7 percent, below April’s 1.5 percent growth. The monthly reading of the Redbook Index showed contraction by 0.5 percent and 2.8 percent on an annual basis for the week ended June 16. In other data releases the US Housing Price Index grew by 0.7 percent in May, against the 1.5 percent increase in April. Later in the day the US Conference Board reported that the Conference Board Consumer Confidence Index for June stood at 81.4, up from 74.3 in May. New Home Sales rose by 2.1 percent in May, following the 3.3 percent growth in April.
Today’s Asian session started with the EUR/USD at 1.3074 and currently the quote is trading lower than at any other point during the last fifteen days at around 1.3069.
Following the raft of US economic data released ahead of the NY opening, the euro came under pressure from increased demand for the USD. In the result, the pair has fallen to a new daily low at 1.3065, closing in on May’s trading levels.
Earlier today, the quote had been higher, after the market digested fresh signals from the US Federal Reserve hierarchy that the country would not be in fit shape to start QE tapering as early as September.
The president of the Federal Reserve Bank of Minneapolis, Narayana Kocherlakota, and Dallas Fed president Richard Fisher both saw fit to stress that the US government is committed to the asset buying programme until the country’s unemployment rate falls below seven percent (the Fed’s target is for 6.5 percent).
The quote hit a 20-day low at 1.3057 following release of IFO Institute’s German Business Climate Index for June. The index climbed to 105.9 points from May’s reading of 105.7. The IFO – Current Assessment Index slipped to 109.4 points in June against 110 in May.
Today’s Asian session has put the EUR/USD back into downtrend territory. The quote opened at 1.3133 and has fallen 0.24 percent to this point.
Source:
invezz.com
