EUR/USD has been ranging up and down through the whole day as the Forex traders were expecting the release of the important fundamental data today. After the retail sales report for December came out, euro started to gain at a fast pace against the U.S. dollar and broke the important resistance level of 1.4900.
December advance estimate of the retails sales fell down by 0.4% after a 1.2% growth a month earlier, while a stagnation at 0% was expected by the majority of the analysts.
PPI (Producer Price Index) in December, seasonally adjusted, fell down by 0.1%, while a moderate growth of 0.2% was forecasted after the November’s 3.2% growth.
New York Empire Manufacturing survey showed that this important manufacturing index fell down in January to 9.0 from 9.8 in December. The mean consensus for this index was at 10.0.
Manufacturers’ and trade inventories (seasonally adjusted) in November 2007 went up in accordance with the experts’ expectations — by 0.4% after October’s low 0.1% growth.
