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Bad Empire State Manufacturing Survey and Good TIC Flows Make Euro to Go Down

February 17, 2009 by

EUR/USD declined significantly today (fastest since February 4) as the the mixed macroeconomic statistics from U.S. urged investors to sell the euro and the move for the U.S. dollar. EUR/USD is currently trading at 1.2598 after opening at 1.2795 today.

Empire State Manufacturing Survey report showed a decline of the general business conditions index from -22.2 to a new record low of -34.7. The market participants expected only a small drop to -24.

Net long-term securities transactions were at $34.8 billion in December compared to -$25.6 reading in November.

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