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EUR/USD Rebounds After Release of Poor US Economic Data

April 12, 2013 by

EUR/USD was heading down today, but rebounded as most US macroeconomic reports came out worse than expected. The drop of consumer sentiment was an unpleasant surprise for traders, but it is important to note that the previous reading received a significant positive revision, making the decrease look bigger than it otherwise could have been.

PPI fell 0.6% in March on a seasonally adjusted basis, more than analysts have predicted (0.2%). The index rose 0.7% in February. (Event A on the chart.)

Retail sales decreased 0.4% in March, while no change was anticipated by market participants. Growth by 1.0% was registered in the previous month. (Event A on the chart.)

Michigan Sentiment Index dropped from 78.6 (revised from 71.8) in March to 72.3 in April according to the preliminary estimate. Experts have predicted an increase to 79.1. (Event B on the chart.)

Business inventories grew 0.1% in February, compared to the median forecast of 0.4%. The inventories expanded 0.9% in January. (Event B on the chart.)

EUR/USD for 2013-04-12

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

One Response to “EUR/USD Rebounds After Release of Poor US Economic Data”

  1. Robert

    Nice post.

    Technically, EUR/USD has started to form a tight consolidation after a strong move higher. Fundamentally, the Euro buying has increased, after the whole Cyprus situation.

    Reply

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