EUR/USD continued to decline today. German 10-year yield fell to a new low of -0.725% today amid signs that the European Central Bank is planning to ease its monetary policy further. Market analysts speculated that it was the main reason for the euro’s weakness.
Housing starts were at the seasonally adjusted annual rate of 1.19 million in July, down from 1.24 million in June, versus the median forecast of 1.26 million. Building permits were at the seasonally adjusted annual rate of 1.34 million, up from 1.23 million in the previous month, compared with the forecast value of 1.27 million. (Event A on the chart.)
Michigan Sentiment Index dropped to 92.1 in August from 98.4 in July according to the preliminary estimate, far below the forecast figure of 97.2. (Event B on the chart.)
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