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Fundamental statistics on the United States hurt the US dollar, but demand may return

The weak fundamental data, which came out yesterday in the US economy in the second half of the day, did not allow the US dollar to continue to strengthen against the euro and other world currencies, despite the fact that the European Commission approved an excessive budget deficit procedure for Italy.

Fundamental Statistics

According to the report, the number of Americans who re-applied for unemployment benefits last week increased, but the weekly data did not affect the market at all.

According to the US Department of Commerce, the number of initial claims for unemployment benefits rose by 3,000 in the week from 11 to 17 November, reaching 224,000. Economists had expected the number of new applications to last week to be 214,000.

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Strong pressure on the US dollar had a report on orders for durable goods in the United States, which in October of this year decreased. The decline was due to a drop in orders for civil aircraft.

According to the US Department of Commerce, orders for American durable goods in October fell by 4.4% compared with the previous month and amounted to 248.52 billion US dollars. Economists had expected orders to decline by 2.6%. The data for September were revised down to -0.1% from the previous value of + 0.7%.

American consumers worsened their assessment of the American economy. According to the University of Michigan report, the consumer sentiment index in November of this year fell to 97.5 points against a preliminary value of 98.3 points and a final October estimate of 98.6 points. Economists had expected the index to be 98.2 at the end of November. Reduced consumer expectations may have a negative impact on sales, which will be held at the end of this week in connection with "Black Friday", where, as a rule, there is a huge amount of discounts for various groups of goods.

There are a number of positive data, for example, the index measuring the state of the US economy in October of this year has grown. According to the Conference Board, the leading indicators index in October 2018 increased by 0.1% and amounted to 112.1 points. Economists had expected the index in October to be 111.8 points.

The US real estate market is stabilizing a bit. As indicated in the report of the National Association of Realtors, sales in the secondary housing market in October this year increased by 1.4% and amounted to 5.22 million homes per year. Economists had expected sales of 5.19 million. Compared to the same period of the previous year, sales in October fell by 5.1%.

As for the technical picture of the EUR / USD pair, the upward potential today will be limited by intermediate resistance around 1.1425, a breakthrough of which will lead to the return of the trading instrument to the maximum of this week in the area of 1.1470. In the case of a breakthrough of support at 1.1380, the pressure on risky assets will increase, which will lead EUR/ USD to the minimum of the week and update them in the areas of 1.1340 and 1.1300.

Oil quotes fell slightly yesterday after an upward correction, which was observed amid a collapse in prices at the beginning of this week. Pressure on oil came from a report from the US Department of Energy, according to which growth of commercial oil reserves continued for the ninth week in a row.

According to the data, in the week from November 10 to 16, oil reserves in the United States increased by 4.9 million barrels, while economists had forecast growth of 1.9 million barrels. Gasoline inventories fell by 1.3 million barrels, while distillate stocks declined by 100,000 barrels, which partially offset the fall in oil prices. Analysts had expected a decrease in gasoline inventories by 400,000 barrels and a decrease in distillate stocks by 2.3 million barrels.

The material has been provided by InstaForex Company - www.instaforex.com