US Retail Sales and Industrial Production Help USD vs. EUR

EUR/USD was trending strongly down today thanks to the positive macroeconomic reports from the United States. Although not all of the released data was optimistic, the main numbers were better than forecasts. The currency pair attempted to stage a correction near 14:00 GMT but failed and continued down.
Retail sales rose by 0.6% in June after going up by 0.2% in May (revised down from 0.5%). The growth exceeded the median forecast of 0.1%. (Event A on the chart.)
CPI was up by 0.2% in June, following the same 0.2% growth in May and was the equal to the median forecast. Core CPI showed the same dynamics. (Event A on the chart.)
NY Empire State Manufacturing index went down from 6.0 to 0.6 in July. Forex traders expected it to decrease only slightly — to 5.1. (Event A on the chart.)
Industrial production added 0.6% in June, surpassing the forecast of 0.2% growth. May’s -0.4% fall has been revised to -0.3%. Capacity utilization increased from 74.9% to 75.4% in the same month. It was expected to rise to 75.2%. (Event B on the chart.)
Business inventories increased by 0.2% in May. April’s growth and forecast for May were at 0.1%. (Event C on the chart.)
Michigan Sentiment index went down from 93.5 to 89.5 in its preliminary report for July. Market participants have been counting on the index to remain at its June level. (Event C on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

seventeen + = nineteen