The Euro is getting weaker and weaker. Overview for 06.03.2019

The major currency retreated to its two weeks lows; the USD is relying on the statistics. 

EURUSD continues falling on Wednesday afternoon. The current quote for the instrument is 1.1301.

The USD is feeling fine, and against not only the Euro, but other traded currencies as well. The American currency is strengthening thanks to good statistics, which calmed down investors who were worrying about the US economic climate.  

The New Home Sales report showed 621K in December, which is better both than in the previous month and than the expected reading. On YoY, the indicator added 3.7%. Another indicator, the ISM Non-Manufacturing PMI, went from 56.7 points in January to 59.7 points in February. The Index has been improving for the 109th consecutive month, which is really great.

There will be no numbers from Europe today, that’s why investors are totally focused on the USA. 

They should pay attention to the Trade Balance in December and the Beige Book, which is a complete report on the economic climate in all 12 Federal districts. As a rule, the Beige Book is published 2 weeks before the next meeting of the US Federal Reserve to provide the information about the macroeconomic environment in different sectors and industries. 

The USD doesn’t usually respond to the Beige Book, which means that the American currency may slowly continue getting stronger.