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EUR/USD Erases Gains as US Data Better than European

August 14, 2012 by

EUR/USD was rising today, but lost is gains after today’s reports from the United States had showed that US economic expansion continues with increasing pace. At the same time, many reports from Europe were rather bad, though some of them were better than expected. Most notably, the French economy avoided decline, while Germany’s economic growth was not as slow as expected.

PPI rose 0.3% in July on a seasonally adjusted basis, exactly as forecasters predicted. The June increase was 0.1%. (Event A on the chart.)

Retail sales increased 0.8% in July from the previous month. The increase was above the forecast change of 0.3%. The June reading was revised from -0.5% to -0.7%. (Event A on the chart.)

Business inventories grew 0.1% in June (seasonally adjusted). The rate of growth was somewhat slower than the expected 0.2% and the May rate of 0.3%. (Event B on the chart.)

EUR/USD for 2012-08-14

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