EUR/USD declined during the current trading session as basically all today’s US economic indicators came out better than expected. The dollar gained on the euro also as Janet Yellen, Federal Reserve’s Chairperson, said that the central bank is planning to raise interest rates before the year’s end.
PPI rose 0.4% in June, exceeding the median forecast of 0.2%. The index rose 0.5% in May. (Event A on the chart.)
NY Empire State Index increased from -2.0 in June to 3.9 in July, above the predicted figure of 3.4. (Event A on the chart.)
Industrial production and capacity utilization not just improved in June but also beat forecasts. Industrial production was up 0.3%, compared to the predicted increase of 0.2% and the May’s change by -0.2%. Capacity utilization rate went up from 78.2% to 78.4% instead of falling to 78.1% as forecasters have predicted. (Event B on the chart.)
Crude oil inventories decreased by 4.3 million barrels last week versus the forecast drop of 2.0 million and the previous week’s increase by 0.4 million. Inventories still remained near the record level for this time of year. Total motor gasoline inventories increased by 0.1 million barrels and are in the upper half of the average range. (Event C on the chart.)
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