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EUR/USD Stagnates as Housing and Industrial Production Declines

February 18, 2009 by

EUR/USD remained almost unchanged today on the Forex market after a huge drop yesterday. The market was affected by some important macroeconomic news from the United States today and the currency pair reacted with some moderate spikes in both direction. Now it’s trading near 1.2568.

Building permits in January fell to the annualized and seasonally adjusted level of 521k — down from 547k reported for December and slightly below 525k estimate. Housing starts declined from 560k (revised up from 550k) to 466k in January — that’s significantly below the average forecast of 530k.

U.S. imports prices decreased by 1.1% in January following the decline in the 5 previous month, while the exports prices increased for the first time in the last 6 months — by 0.5% in January.

Industrial production fell by 1.8% in January after declining by 2.4% in December (revised from 2% drop). It was expected to fall by 1.5%. Capacity utilization decreased from 73.3% (revised down from 73.6%) to 72% in January — below the estimate of 72.4%.

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