FOREX analysis EUR/USD. The Euro rose pretty well

eurThe major currency pair continues rising on Thursday morning; the Euro has been growing for the fourth trading session in a row.

EURUSD is slowly moving away from its multi-month lows it reached earlier in February. The current quote for the instrument is 1.0906.

The statistics published yesterday were positive for the American currency. The New Home Sales showed 764K in January after being 708K (revised upwards) in December and against the expected reading of 714K. The actual reading is the highest over the last 12 and a half years. It can be safely said that the real estate market is strong and may provide support to the country’s economy in its fight against the Chinese coronavirus.

Another interesting fact is that prices of new homes added 14% in January and people continue buying them, which means that their purchasing power is “alert and alive” and they are okay with current mortgage rates.

However, investors were focused on the risk mitigation after the World Health Organization announcement on the Chinese coronavirus. The WHO believes that despite the virus transmission speed in Italy and South Korea, it can be contained.

Later today, the USA will continue publishing interesting numbers. For example, the Durable Goods Orders, which may lose 1.5% m/m in January after adding 2.4% m/m in the previous month. The indicator is rather volatile, that’s why a negative reading shouldn’t be considered as a disaster. Anyway, it must be interesting to see the components of the report.

In addition to that, there will be a preliminary report on the US GDP in the fourth quarter of 2019 and the Pending Home Sales in January. The stronger the readings, the better for the USD.

Orgin: RoboForex

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