EUR/USD has found stability after a period of decline.
The major currency pair shows resilience as the week comes to a close. The current exchange rate for EUR/USD is set at 1.0580.
Following a dip to local lows, the Euro/Dollar pair has rebounded. However, given the unchanged global context, this rebound may only be temporary.
Yesterday’s released statistics portrayed a mixed economic picture. The final calculation of Q2 GDP in the US revealed a 2.1% q/q economic growth, aligning with previous estimates. The forecast had anticipated a 2.2% increase.
In the US, the weekly report on initial jobless claims showed a slight uptick to 204,000 from the previous 201,000. The employment sector in the US remains robust and steady.
Contrarily, the real estate segment is sending conflicting signals. Pending sales in the US existing homes market experienced a 7.1% m/m decline, whereas the previous month witnessed a 0.5% m/m increase. Forecasts had predicted a 1.1% decrease. These statistics reflect the number of signed home purchase contracts yet to be finalized. This could serve as an economic cautionary signal: while available immovable property exists, prices have surged to prohibitive levels.
Today promises a wealth of macroeconomic data. Monitoring the inflation figures for August, along with personal spending and income statistics for Americans, is advisable.
The post Euro/Dollar Displays Signs of Recovery: Overview for September 29, 2023 appeared first at R Blog – RoboForex.