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EUR/USD Declines During Friday’s Trading

January 17, 2020 by

EUR/USD was moving sideways at the start of Friday’s session but has started a decline at about 7:15 GMT and was falling since then. Several disappointing US macroeconomic indicators did not prevent the drop of the currency pair.

Housing starts were at a seasonally adjusted annual rate of 1.61 million in December, up from the revised November estimate of 1.38 million. Building permits were at a seasonally adjusted annual rate of 1.42 million, down from the revised November rate of 1.47 million. Analysts had predicted both indicators to stay roughly unchanged. (Event A on the chart.)

Industrial production and capacity utilization fell in December. Industrial production declined by 0.3%, whereas experts had predicted no change. Furthermore, the November increase got a negative revision from 1.1% to 0.8%. Capacity utilization decreased from 77.4% to 77.0%, in line with expectations. (Event B on the chart.)

Michigan Sentiment Index was at 99.1 in January according to the preliminary report. Analysts were expecting the same 99.3 reading as in December. (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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