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EUR/USD Rises After Two Days of Decline

August 16, 2012 by

EUR/USD was falling slowly today, but stopped its decline and sharply jumped after the report showed that eurozone inflation remained stable last month. (Event A on the chart.) The data from the United States was also positive as building permits increased, the manufacturing index improved and unemployment claims were almost unchanged.

Housing starts dipped from 754k to 746k in July, while a small increase to 760k was expected. Building permits rose from 760k in June to 812k in July, while rise to just 770k was predicted by market analysts. (Event B on the chart.)

Initial jobless claims was little changed from 364k to 366k last week, matching forecasts. (Event B on the chart.)

Philadelphia Fed Manufacturing Index was at -7.1 in August, the highest level since May and the fourth consecutive negative reading. Analysts promised an increase from -12.9 to -4.7. (Event C on the chart.)

EUR/USD for 2012-08-16

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