EUR/USD rose today after yesterday’s holiday, when markets were closed. The currency pair currently trimmed its gains though and shows tendency to decline. The data from the United States was mixed as the housing market continued to show signs of improvement, but manufacturing growth unexpectedly slowed this month.
EUR/USD attempted to advance today, but trimmed its gains and currently trades in a range. The European Union released the bailout for Greece, improving the outlook for the eurozone. At the same time, fears of the fiscal cliff in the United States eat away confidence of Forex traders, weakening the currency pair. US consumer prices are falling, according to today’s report, and that does not help either.
EUR/USD ended its five-day rally today, after reaching the highest level since October 17, as the macroeconomic data from Europe was poor and Spain failed to reach target on its debt auction. The US data was a bit better, though not stellar either. On the positive side, factory orders unexpectedly grew and the services sector expanded faster than expected. On the negative side, employment growth was slower that market participants have hoped for.
