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EUR/USD Rises and Falls, Ignores US Macros

January 17, 2018 by

The euro was on the rise against the US dollar during the first half of the New York trading session but declined afterwards. The currency pair paid little attention to the macroeconomic data that was released in the United States today.

Industrial production increased by 0.9% in December after 0.1% decline in November (revised negatively from 0.2% growth). The output growth was significantly higher than the median forecast of 0.5%. Capacity utilization rose from 77.2% to 77.9% in December — above the expected level of 77.4%. (Event A on the chart.)

Net foreign purchases of the US long-term securities were at $57.5 billion in November — they rose from $26.2 billion registered for October. The actual purchases turned out to be bigger than the $50.1 billion median forecast. (Event B on the chart.)

Yesterday, a report from the New York Fed has shown its Empire State Index going down to 17.7 for the month of January. The forecasts had been showing a hope for a 19.0 value. At the same time, the December value has been revised positively from 18.0 to 19.6. (Not shown on the chart.)

EUR/USD as of 2018-01-17

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

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