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EUR/USD Rises Ahead of FOMC Meeting

December 15, 2020 by

EUR/USD was moving largely sideways today. The currency pair slumped at 12:45 GMT but has quickly recovered as is now trading above the opening level. Today’s US macroeconomic releases were mixed. Now, traders wait for tomorrow’s monetary policy announcement from the Federal Reserve.

NY Empire State Index fell to 4.9 in December from 6.3 in November, whereas analysts were expecting it to stay unchanged. (Event A on the chart.)

Import and export prices rose in November. Import prices inched up by 0.1% after falling at the same rate in October. The median forecast has promised a bigger increase of 0.3%. Export prices increased by 0.6% after rising by 0.2% in the previous month. (Event A on the chart.)

Industrial production and capacity utilization increased in November, beating market expectations. Industrial production rose by 0.4% versus the median forecast of a 0.3% increase. The previous month’s gain got a negative revision from 1.1% to 0.9%. Capacity utilization went up from 73.0% to 73.3%, above the market consensus of 73.1%. (Event B on the chart.)

Net foreign purchases were at $51.9 billion in October, down from $108.9 billion in the previous month and missing the consensus forecast of $75.5 billion. (Event C on the chart.)

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

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