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EUR/USD Rises as Italy Sells Debt Successfully

July 13, 2012 by

EUR/USD rose today, bouncing from the two-year low, after Italy reached its maximum target on today’s bond auction and borrowing costs fell. The news from the United States was mixed as PPI unexpectedly rose, but the preliminary consumer sentiment index was worse than anticipated.

PPI rose 0.1% in June, on a seasonally adjusted basis. The increase was small, but the figure was still better than expectations of a 0.5% decline and the drop by 1.0% in May. (Event A on the chart.)

Michigan Sentiment Index fell to 72.0 in July, according to the preliminary estimate, compared to the expected value of 73.5. The June reading was revised from 74.1 down to 73.2. (Event B on the chart.)

EUR/USD for 2012-07-13

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