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EUR/USD Drops After US Retail Sales Beat Expectations

August 15, 2019 (Last updated on August 16, 2019) by

EUR/USD fell on Thursday, declining for the third day in a row. The reason for today’s decline were US retail sales that beat expectations.

Philadelphia Fed manufacturing index fell from 21.8 in July to 16.8 in June. Still, it was above the consensus forecast of 10.1. (Event A on the chart.)

Retail sales climbed by 0.7% in July. Ahead of the report, analysts had predicted the increase to be the same as in June — 0.3%. (Event A on the chart.)

NY Empire State Index rose a bit from 4.3 in July to 4.8 in August. That is instead of falling to 2.1 as experts had predicted. (Event A on the chart.)

Nonfarm productivity rose by 2.3% in Q2 2019. That is compared with the predicted increase by 1.4% and the 3.4% gain in Q1. (Event A on the chart.)

Seasonally adjusted initial jobless claims rose to 220k last week from the previous week’s revised level of 211k, whereas specialists had predicted them to stay little changed. (Event A on the chart.)

Both industrial production and capacity utilization declined in July. Industrial production fell 0.2% after rising at the same pace in June. Economists were expecting an increase of 0.1%. Capacity utilization fell from 77.8% to 77.5%, while the median forecast had promised it to stay unchanged. (Event B on the chart.)

Business inventories showed no change in June from May versus the forecast of a 0.1% increase and the 0.3% gain in the previous month. (Event C on the chart.)

Net foreign purchases were at $99.1 billion in June compared with the median forecast of $22.9 billion and May’s value of $4.6 billion. (Event D on the chart.)

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

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