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EUR/USD Loses Intraday Gains as US Yields Surge

February 16, 2021 by

EUR/USD was rising on Tuesday but has reversed its movement and has been heading to end the session with small losses. Some market analysts explained the reversal by rising US Treasury yields. Macroeconomic data was unlikely to have anything to do with the pair’s decline. While the US manufacturing index released today was far better than expected, the eurozone macro releases beat expectations as well. Now, traders wait for Wednesday’s releases, including US retail sales and monetary policy meeting minutes from the Federal Reserve.

NY Empire State Index climbed sharply from 3.5 in January to 12.1 in February, beating the average forecast of 6.2 and reaching the highest level in seven months. (Event A on the chart.)

Net foreign purchases were at $121.0 billion in December, up from $149.2 billion in November. That is compared with the consensus forecast of $103.5 billion. (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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