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EUR/USD Declines as Tax Reform Overshadows Economic Data

December 15, 2017 by

EUR/USD attempted to rally today but failed and dropped, even though almost all economic reports released in the United States were worse than expected. The possible reason for the drop were the signs that the Republicans were close to passing the US tax reform bill.

NY Empire State Index fell from 19.4 in November to 18.0 in December. Analysts had promised a smaller decrease to 18.8. (Event A on the chart.)

Industrial production rose 0.2% in November following the 1.2% increase in October (upwardly revised from 0.9%). Experts had promised a bit bigger increase by 0.3%. Capacity utilization was at 77.1%, almost unchanged from 77.0% in the previous month and in line with expectations. (Event B on the chart.)

Net foreign purchases were at $23.2 billion in October. It was a smaller figure than $57.6 billion predicted by analysts and $80.9 billion logged in September. (Event C on the chart.)

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

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