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EUR/USD Fails to Keep Earlier Gains at Directionless Market

September 15, 2020 by

EUR/USD was rising till 11:30 GMT today but has reversed its movement afterward and is now trading below the opening level. US macro indicators were generally good today, though industrial production and capacity utilization missed forecasts slightly.

NY Empire State Index jumped sharply to 17.0 in September
from 3.7 in August, far above the figure of 6.2 predicted by analysts. (Event A on the chart.)

Import and export prices increased in August. Import prices rose by 0.9% after increasing by 1.2% in July. The median forecast was promising a more modest growth of 0.5%. Export prices advanced by 0.5% after rising by 0.9% in the previous month. (Event A on the chart.)

Both industrial production and capacity utilization also rose in August. Industrial production increased by 0.4% slowing from the previous month’s revised 3.5% rate of growth and missing market expectations of a 1.2% increase. Capacity utilization increased from 71.1% to 71.4% but also missed the median forecast that has promised an increase to 71.7%. (Event B on the chart.)

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

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