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EUR/USD Fails to Enter Downtrend, Ignores US Fundamentals

July 13, 2018 by

EUR/USD was falling during the European trading session and rising during the US one today, but did not pay a lot of attention to the macroeconomic indicators. Those were largely negative for the US dollar.

US export and import prices demonstrated mixed performance in June. Export prices increased by 0.3% while the import prices decreased by 0.4%. The latter was a bitter surprise for the dollar bulls who had hoped for a 0.1% increase. On a brighter note, the May’s 0.6% growth has been revised to 0.9% for imports. (Event A on the chart.)

The University of Michigan has released its preliminary report on the Index of Consumer Sentiment, showing a drop from 98.2 to 97.1 in July. What’s worse, the last month’s value has been actually revised from 99.3. The median forecast for today’s value was at 98.1. (Event B on the chart.)

EUR/USD as of 2018-07-13

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