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EUR/USD Lower Despite Dollar’s Weakness

May 16, 2016 (Last updated on May 17, 2016) by

The US dollar traded broadly lower against its major peers during Monday’s trading as the New York manufacturing index was surprisingly abysmal. Yet this did not prevent EUR/USD from moving lower. The currency pair displayed a short-lived move to the upside after the report but resumed its downside movement rather quickly.

NY Empire State Index demonstrated a stunning drop, falling from 9.6 to -9.0 in May. Forecasts missed the actual reading completely, promising a decrease to just 7.2. (Event A on the chart.)

Net foreign purchases were at $78.1 billion in March following the reading of $72.6 billion in February. And yet again analysts failed to make a correct forecast as they were promising a figure in the neighborhood of $36.5 billion. (Event B on the chart.)

EUR/USD as of 2016-05-16

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