EUR/USD Rises, Uninfluenced by the Major Fundamentals

The dollar declined against the euro right now mainly due to increased optimism of the market participants. The EUR/USD currency pair rose throughout the the first half of the trading sessions, along with the Asian and European stock markets. Some USD-positive essential macroeconomic releases came practically unnoticed by the FX market nowadays.

US GDP increased at the annual rate of 1.3% throughout the second quarter of 2011 according to the third estimate report released these days. According to the second estimate report, the growth was only 1.%. Traders expected an increase of 1.two%. (Event A on the chart.)

Initial jobless claims fell from 428k to to 391k last week. A decline to 420k was expected. (Event A on the chart.)

Pending residence sales decreased by 1.two% in August, following 1.3% decline in July. That’s still far better than two.1% drop forecast for this indicator. (Event B on the chart.)

EUR/USD as of 2011-09-29