The EUR/USD closed the day 72 pips higher from its starting point at 1.2505. The big mover of the day was expected to be Bernanke’s speech at Jackson Hole but the markets may have rallied in anticipation of that and consequently lost some ground after the speech was released. For more on what Bernanke said, or more importantly didn’t say, look at my previous article. The single currency closed the day at 1.2577.
In other important news releases, early in the European session German Retail Sales came out lot worse then expected, printing -0.9% versus an expected rise of 0.2%. Italy’s unemployment rate came in lower then expected, printing 10.7% vs exp 10.9%. In the U.K., the Nationwide Housing Price Index rose by 1.3%, lot better then the expected rise of 0.1%. The GBP/USD closed the day 79 pips higher at 1.5863.
On the U.S. side, Chicago PMI came in at 53.0, little lower then exp 53.6. Ten minutes later the University of Michigan survey on Consumer Sentiment printed 74.3, slightly lower then the exp 73.7.