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EUR/USD Ignores Crimea & Eurozone CPI, Rises

March 17, 2014 by

EUR/USD rose today even though fundamentals were not particularly supportive for the currency pair. The eurozone Consumer Price Index unexpectedly edged down from 0.8% in January to 0.7% in February (event A on the chart), while US reports were positive for the most part. Yet the euro ignored the unfavorable macroeconomic indicators as well as the referendum in Crimea, which apparently led to secession of the region from Ukraine and annexation by Russia.

NY Empire State Index edged up from 4.5 in February to 5.6 in March but was still below the forecast of 6.6. The report said that “business conditions continued to improve for New York manufacturers, though activity grew slowly”. (Event B on the chart.)

Both industrial production and capacity utilization rate increased in February. Production grew 0.6%, exceeding the median forecast of 0.2%, following the drop by 0.2% in January. Capacity utilization increased from 78.5% in January to 78.8% in February, in line with expectations. (Event C on the chart.)

EUR/USD-2014-03-17

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