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EUR/USD Rallies on Monday, Remains Under Pressure

June 16, 2015 by

The dollar fell against the euro on Monday as US macroeconomic reports were surprisingly lackluster for the most part. EUR/USD remained under pressure, though, after the weekend talks between Greece and its creditors turned out to be an utter failure and the indebted country is closer to a default than ever.

NY Empire State Index sank from 3.1 in May to -2.0 in June. It was a huge (and unpleasant) surprise for traders who had expected the gauge to rise to 5.8. (Event A on the chart.)

Industrial production and capacity utilization contracted in May. Production was down 0.2% instead of rising at the same rate as was predicted by analysts. The previous month’s change was revised negatively from -0.3% to -0.5%. Capacity utilization rate edged down to 78.1% while experts predicted it to stay unchanged at 78.3%. (Event B on the chart.)

Net foreign purchases were at $53.9 billion in April. That was a better reading than the forecast $22.5 billion. The March’s figure received a substantial positive revision from $17.6 billion to $25.6 billion.

EUR/USD for 2015-06-15

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