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EUR/USD Little Changed as Euro & Dollar Struggle to Find Direction

October 16, 2017 by

EUR/USD moved lower today, but the drop was meager as neither the euro nor the dollar showed clear direction during the Monday’s trading session. The greenback continued to suffer from the Friday’s underwhelming inflation report, while the euro had troubles attracting traders due to uncertainty regarding the outlook for monetary policy of the European Central Bank.

NY Empire State Index climbed from 24.4 to 30.2 in October, reaching the highest level in three years. That is instead of falling to 20.3 as analysts had predicted. (Event A on the chart.)

On Friday, several reports were released (not shown on the chart):

US CPI rose 0.5% in September. That was above the August rate of growth of 0.4% but below the consensus forecast of 0.6%.

Retail sales rose 1.6% in September from the previous month, slightly missing the forecast of 1.7% growth. The indicator was down 0.1% in August.

Michigan Sentiment Index jumped from 95.1 in September to 101.1 in October according to the preliminary report, whereas specialists did not anticipate any change to the index.

Business inventories rose 0.7% in August from July, exactly as analysts had predicted, after increasing 0.3% in the previous month.

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

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