EURUSD: another bottom is here. Overview for 28.09.2022


The major currency pair continues plummeting. The current quote for the instrument is 0.9560.

Yesterday, the “greenback” was once again in demand as a “safe haven” asset. At the same time, number released by the US were surprisingly confident.

For example, the Durable Goods Orders report showed -0.2% m/m in August against the expected reading of 0.1% m/m. The Core Durable Goods Orders expanded by 0.2% m/m.

The New Home Sales gained 28.8% in August, showing 686K against the expected reading of 500K, even amid rate hikes. Either people prefer to invest money in real estate, or the real estate market demand has reached stability.

The Conference Board Consumer Confidence in the US improved in September and showed 108.0 points after being 103.6 points the month before and against the expected reading of 104.0 points. The likeliest reasons for this are the energy price fall in the country along with the stable labour market.

Earlier today, Germany reported on the GfK Consumer Climate in October and the news was pretty bad – the indicator dropped to -42.5 points after being -36.8 points in September. The reasons are also quite clear – inflation boost.

Later in the evening, investors will switch their attention to the speech to be delivered by the US Fed Chair Jerome Powell.


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