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EUR/USD Misses Opportunity to Rally

January 20, 2016 by

EUR/USD was attempting to rally today as economic data released from the United States over the current trading session was not particularly great. Yet the currency pair has backed off and trades close to the opening level as of now.

Housing starts slipped to the seasonally adjusted annual rate of 1.15 million in December from November’s 1.18 million while experts have predicted them to stay little changed. Building permits were also down, falling to the seasonally adjusted rate of 1.23 million from 1.28 million, but they were above the median forecast of 1.20 million. (Event A on the chart.)

CPI fell by 0.1% in December while analysts have expected no change, the same as in the previous month. (Event A on the chart.)

Yesterday, a report on net foreign purchases was released, showing a reading of $31.4 billion in November. That is compared to the October’s -$17.7 billion. (Not shown on the chart.)

EUR/USD for 2016-01-20

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