The USD closes the week under pressure

Here is a U.S. economic data summary with a look at major moving FX pairs.

Charts (5)

What happened this week?

On the economic data front, Markit's U.S. Manufacturing Purchasing Managers' Index rose to 51.3 on month in the July preliminary reading (52.0 expected), from 49.8 in the June final reading. 

New Homes Sales jumped to 776K on month in June (700K expected), from a revised 682K in May, a high last reached in 2007. 

Initial Jobless Claims rose to 1,416K for the week ending July 18th (1,300K expected), from a revised 1,307K in the week before. 

Continuing Claims unexpectedly fell to 16,197K for the week ending July 11th (17,100K expected), from a revised 17,304K in the prior week. 

The Leading Index increased 2.0% on month in June (+2.1% expected), compared to a revised +3.2% in May. 

The Mortgage Bankers Association's Mortgage Applications rose 4.1% for the week ending July 17th, compared to +5.1% in the week before.

Existing Home Sales increased to 4.72 million homes on month in June (4.75 million homes expected), from 3.91 million homes in May. 

Finally, The Federal Reserve Bank of Chicago's National Activity Index spiked to 4.11 on month in June (4.00 expected), from a revised 3.50 in May, marking a record high.


Looking at forex major pairs, the biggest movers of the week were the EUR/USD (+1.80%) and the USD/CHF (-1.77%). Here is a look at the charts from a technical perspective. 


The EUR/USD continues its uptrend towards 1.182 resistance. 



Source: GAIN Capital, TradingView


The USD/CHF remains under pressure to test 2018 lows.



Source: GAIN Capital, TradingView

Have a great weekend. 


More from Forex

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.