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EUR/USD Declines Through the Day, Recovers After US Fundamentals

August 17, 2017 by

The euro was in a downtrend versus the US dollar for the first half of the trading session today. It stalled after the New York session opening and entered a recovery uptrend as the US industrial production report disappointed the USD bulls.

Initial jobless claims fell from 244k to 232k during the week ending August 12. The value came out better than the 240k forecast for the figure. (Event A on the chart.)

Philadelphia Fed manufacturing index continued its decline, falling from 19.5 to 18.9 in August. Nevertheless, the reading was quite better than the forecast of 18.0. (Event A on the chart.)

July levels of industrial production and capacity utilization did not provide big surprises. Industrial production increased by 0.2%, slower than both forecast (0.3%) and June growth (0.4%). Capacity utilization remained unchanged at the June value of 76.7% (revised up from 76.6%). (Event B on the chart.)

US leading indicators advanced by 0.3% in July in line with the forecasts. They added 0.6% a month earlier. (Event C on the chart.)

EUR/USD as of 2017-08-17

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