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EUR/USD Fails to Rally for Third Day

January 13, 2017 by

EUR/USD was attempting to extend to extend its rally for third day today but failed and is now trading near the opening level. The currency pair halted its rally after the better-than-expected PPI and retail sales reports from the United States.

PPI rose 0.3% in December. This is compared to the median forecast of 0.1% and the 0.4% increase in November. (Event A on the chart.)

Retail sales advanced 0.6% in December. The actual reading exceeded the analysts’ average estimate of 0.5% and the previous month’s revised increase of 0.2%. (Event A on the chart.)

Preliminary Michigan Sentiment Index figure of 98.1 for January was little changed from December’s 98.2. The consensus forecast was at 98.6. (Event B on the chart.)

Business inventories rose 0.7% in November compared to the predicted value of 0.3%. The October’s drop was revised from 0.2% to 0.1%. (Event B on the chart.)

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

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