Abundance of Fundamental Reports from U.S. Causes EUR/USD to Correct

Abundance of Fundamental Reports from U.S. Causes EUR/USD to Correct
EUR/USD declined today after rising for three consecutive days as many macroeconomic reports were released in the United States. EUR/USD is currently trading near 1.2939 after reach as high as 1.3080 yesterday.

Durable goods orders decreased by 6.2% in October after declining by 0.2% in September (revised down from the 0.8% gain). The orders were expected to decline by no more than 2.5%.

Initial jobless claims declined to 529,000 last week after being reported at 543,000 (revised up from 542,000) a week before. They declined by a little more than the analysts expected.

Personal income rose by 0.3% in October after gaining 0.1% in September (revised down from the 0.2% increase). It was expected to gain 0.1% in October. Personal spendings decreased as expected — by 1%, following the 0.3% decline in September.

Chicago PMI fell to the lowest level since April 1982 in November — from 37.8 to 33.8. According to the median forecast by the market analysts it should have risen to 38.5.

University of Michigan consumer confidence index slid from 57.6 (revised down from 57.9) to 55.3 in November — only 3.6 index points above its absolute minimum level recorded in May 1980. Forecasts show that the traders expected the index to go up to 58.0.

New home sales decreased to an annually adjusted rate of 433,000 in October down from 457,00 in September (revised down from 464,000). Market participants expected a decline to 450,000.