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EUR/USD Drops Despite Negative US Fundamental Reports

September 13, 2013 by

EUR/USD dropped sharply today even though macroeconomic reports from the United States were disappointing for the most part. Slower-than-predicted growth of retails sales and the unexpected slump of consumer confidence made the dollar considerably less attractive to Forex traders.

PPI rose 0.3% in August, seasonally adjusted, a bit more than was expected (0.2%) after showing no change in July. (Event A on the chart.)

US retail sales rose 0.2% in August, missing the forecast of 0.5%. On the positive side, the July increase was revised from 0.2% to 0.4%. (Event A on the chart.)

Michigan Sentiment Index slumped from 82.1 (revised from 80.1) in August to 76.8 in September instead of rising to 82.6 as was predicted by analysts. (Event B on the chart.)

Business inventories rose 0.4% in July, matching forecasts exactly. The June reading was revised from zero growth to a 0.1% increase. (Event B on the chart.)

EUR/USD for 2013-09-13

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