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EUR/USD Declines Ignoring Mixed US Reports

July 17, 2018 by

The euro was falling against the US dollar during the bigger part of both the European and the American trading sessions. It ignored the US fundamentals but came to a halt after 16:00 GMT, entering a consolidation phase.

Industrial production and capacity utilization both increased in May. Industrial production added 0.6% after declining by 0.5% in April (revised from a 0.1% drop). The indicator was expected to add 0.5% in May. Capacity utilization went up from 77.7% to 78.0%; however, traders were aiming for a growth to 78.4%. (Event A on the chart.)

Net foreign purchases were at $45.6 billion in May, down from $94 billion reported in April. The median forecast pointed at $34.3 billion net transactions. (Event B on the chart.)

EUR/USD as of 2018-07-17

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