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EUR/USD Slips Despite Disappointing US Data

EUR/USD edged a little lower today even as most US economic report were disappointing. The dollar remained under pressure from uncertainty about the planned tax cuts.

Initial jobless claims rose from 239k to 249k last week instead of falling to 235k as analysts had predicted. (Event A on the chart.)

Import prices rose 0.2% in October after increasing 0.8% in September, missing market expectations of 0.4%. Export prices showed no change after rising 0.7% in the prior month. (Event A on the chart.)

Philadelphia Fed manufacturing index decreased from 27.9 in October to 22.7 in November, below the consensus expectation of 24.5. (Event A on the chart.)

Both industrial production and capacity utilization increased in October. Industrial production rose 0.9%, compared to the forecast increase of 0.5% and the previous month’s gain of 0.4% (revised from 0.3%). Capacity utilization increased from 76.4% to 77.0%, above the medium expectations of 76.3%. (Event B on the chart.)

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

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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EUR/USD dropped today as almost all reports released in the United States over the trading session were good. The signs that the voting for the final version of the US tax reform bill may happen as soon as the next week also drove the currency pair down.

Retail sales rose 0.8% in November, exceeding the median …

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