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EUR/USD Fails to Recover on Higher US PPI

July 12, 2013 by

The currency pair continued to move in its yesterday’s direction during the major part of the trading session. To the dismay of the euro bulls, the markets are reacting pro-USD on some improving US fundamentals today.

Producer price index advanced at a monthly rate of 0.8% in June, following 0.5% growth in the month of May. PPI was expected to come out at the same 0.5% this time too. (Event A on the chart.)

University of Michigan Sentiment Index was reported at 83.9 for its preliminary July value. June number was revised up from 82.7 to 84.1. Nevertheless, dollar bulls remain disappointed as a growth to 84.7 has been expected. (Event B on the chart.)

EUR/USD as of 2013-07-12

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