New Session Low for EUR/USD Following Upbeat Chicago PMI data

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Business activity in the Chicago area defied expectations and improved in December, according to the ISMs Purchasing Managers Index for the region, released on Wednesday. The indexs headline rose to a 60.0 level this month from 56.1 in November. The result surprised the consensus call for the indicator to decline to a 55.1 read. The euro, which had been selling off in the countdown to the release, fell by 10 pips against the U.S. dollar in the aftermath of the better-than-expected data, slumping to a new intraday low of $1.4291USD, before pulling back from the brink. If the single currency does test its session low again, support lies at $1.4218USD, reached on Dec. 22

In Line Rise in U.S. Consumer Confidence in Dec Provokes Temporary Decline in EUR/US

Consumer confidence in the United States increased in December, according to data released by the Conference Board on Tuesday. The indicator rose to a 52.9 level from the upwardly-revised read of 50.6 in November, which was reported at a 49.5 level in last month’s report. The rise was in line with economists’ expectations: the consensus call was for a 53.0 level. The greenback’s immediate reaction was to strengthen slightly: EUR/USD fell by 15 pips to $1.4413USD. However, within a few minutes the euro was paring its losses, and recently traded at $1.4426USD, just a couple of pips below its pre-release level.

Brown Brothers Harriman FX Chief: USD Bullishness Likely to be Short-Lived

The greenbacks resurgence since late November may not endure, according to Brown Brothers Harriman Currency Strategy chief Marc Chandler. I'm not sure this is the real thing, he told Bloomberg Radio in an interview on Monday. People have been short the dollar all year and want to take some money off the table, Chandler said of the greenbacks rise. Since Nov. 26, the U.S. Dollar Index, which monitors the greenbacks relationship with six major currencies, has risen by as much as 5.7%. Furthermore, the indexs intraday high of 78.449 on Dec. 22 was its strongest level since Sept. 4, when it got as high as 78.699.