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EUR/USD Up on Mixed U.S. Fundamentals

November 17, 2008 by

EUR/USD grew up today after some bearish weekly gap and a major decline last Friday. The  U. S. fundamentals that were reported today showed some mixed results, probably, hurting the dollar’s positions on the Forex market. EUR/USD is currently trading near 1.2670.

NY Empire State index declined in November from -24.6 to -25.4, showing a further contraction in the manufacturing sector. The median forecast by the market analysts was at -26.0, so this report came out slightly better than expected.

Industrial production unexpectedly increased by 1.3% in October after falling down by 3.7% (revised down from 2.8% decline) in September. Meanwhile, the capacity utilization rose to 76.4% from 75.5% in September (revised down from 76.4%). Industrial production was expected to decline by 0.2% and capacity utilization was expected to remain at 76.4%.

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