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EUR/USD Rises on Economic Sentiment, Gives Away Gains

June 18, 2013

EUR/USD rose today on improving economic sentiment in Germany and the whole eurozone. (Event A on the chart.) The currency pair gave away its gains later. Data from the United States was not bad either, especially the sharp advance of New York manufacturing.

Housing starts were at the seasonally adjusted annual rate of 0.91 million in May, a bit below the forecast of 0.95 million, but above the April’s 0.86 million. Building permits were at a seasonally adjusted annual rate of 0.97 million, matching forecasts and falling from the previous month’s 1.01 million. (Event B on the chart.)

CPI rose 0.1% in May, in line with forecasts, after falling 0.4% in April. (Event B on the chart.)

Yesterday, a report on NY Empire State Index was released, showing that the gauge returned to the positive territory, staying at 7.8 in June following the May’s reading of -1.4. The actual figure was far above the forecast 0.4. (Not shown on the chart.)

EUR/USD for 2013-06-18

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