Swing Trades: EUR/USD
|EUR/USD: US Durable Goods Orders
Durable goods orders report was one of the weakest currency triggers on Tuesday; in fact, it could not compete with the Fed Chair Powell testimony, making the overall sentiment hovering in limbo. The Euro fell against the Greenback by 12 base points, or 0.10%, however, bears stepped in half an hour earlier, pushing the price down to 1.2287 level.
The Commerce Department said that the US durable goods plummeted 3.7% for the month of January. The drop occurred because the demand for transportation equipment tumbled 10.0%, reaching a six-month low, following a 2.6% increase in the prior month. Technical analysts anticipated the EUR/USD pair to go up, however, the news from the Fed reversed the expectations.
EUR/USD: US CB Consumer Confidence
The EUR/USD currency pair declined on the back of a stronger-than-anticipated CB consumer confidence report released on Tuesday. The Euro plummeted against the Greenback by 13 base points, or 0.11%, to the 1.2260 level.
The US consumer confidence strengthened over the course of February, surpassing the forecast by 4.6 points, following the downwardly-revised 124.3-point reading recorded in the prior month. Consumer confidence reached its highest mark since November 2000. The improvement in the aspect of labor force was the main reason for this boost, the Conference Board's Director of Economic Indicators Lynn Franco said. This move coincided with the positive Fed Chair Powell's testimony.
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