EUR/USD Falls on Signs of Strong U.S. Economy
EUR/USD was steadily declining today and the news, signaling about the widening economic recovery in the U.S., will likely support this trend. Factory orders were increasing for the last year, showing the strong economic expansion. The rising number of pending home sales also signaled about favorable economic environment, supporting the strength of the U.S. currency. EUR/USD is trading near 1.3055 now.
Federal orders grew 1.3% in March, with the same level as they increased in February (1.3% revised from 0.6%). The analysts were expecting zero (0.0%) growth. New orders for manufactured goods were increasing eleven of last twelve months.
Pending home sales rose 5.3% in March, following the revised 8.3% increase in February. This data beats the forecasted 3.9% increase and is 21.1 percent above March 2009.