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EUR/USD Down as Market Sentiment Remains Unfavorable

November 15, 2011 (Last updated on December 24, 2011) by

EUR/USD was down today as pessimism and doubts about ability of the European Union to resolve the debt crisis plagued traders. The news from the US, on the other hand, were largely positive, excluding the falling PPI.

PPI edged down 0.3% in October (seasonally adjusted) after rising 0.8% in September, while median forecast was a 0.1% decline. (Event A on the chart.)

Retail sales grew 0.5% in October, more than analysts estimated (0.3%). September reading was 1.1%. (Event A on the chart.)

NY Empire State Index improved to 0.6 in November after falling to to -8.5 in October. Analysts predicted a value of -2.0. That’s the first time since May the index rose above 0.0 level, indicating improving conditions for manufacturers. (Event A on the chart.)

US business inventories were virtually unchanged in September, following the August increase by 0.4%. Forecasts promised a 0.2% rise. (Event B on the chart.)

Michigan Sentiment Index in the preliminary estimate, released on November 11, was up to 64.2 in November from 60.9 in October, compared to less optimistic forecasts of 61.3. (Not shown on the chart.)

EUR/USD for 2011-11-15

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