EUR/USD rallied today amid risk appetite caused by the news about progress in producing a coronavirus vaccine. The news drove investors towards riskier assets, hurting safer ones at the same time. The currency pair has trimmed its gains by now but so far is hanging above the opening level. As for US macroeconomic data, all reports released today were good.
NY Empire State Index climbed to 17.2 in July from -0.2% in June, exceeding the average forecast of 10.0. It was the first positive reading since February. (Event A on the chart.)
Both import and export prices increased by 1.4% in June. In May, import prices rose by 0.8% and export prices increased by 0.4%. Analysts were expecting a smaller increase in import prices — 1.0%. (Event A on the chart.)
Industrial production climbed by 5.4% in June, beating the consensus forecast of a 4.5% increase, after increasing by 1.4%. Capacity utilization jumped from 65.1% to 68.6%, also exceeding the analysts’ forecast of 67.9%. (Event B on the chart.)
US crude oil inventories dropped by 7.5 million barrels last week but remained above the
Yesterday, a report on CPI was released, showing an increase of 0.6% in June on a seasonally adjusted basis, which exceeded the median forecast of a 0.5% increase slightly. The index fell by 0.1% in the previous month. (Not shown on the chart.)
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