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Mixed US Fundamentals Leave EUR/USD Without Clear Trend

August 12, 2011 by

EUR/USD was moving today without any particular pattern. It was falling at the start of the trading session, reversed its downward trend only to fall again. Currently the currency pair slowly crawls back to the upside. The fundamental reports were also confusing. Retail sales were better than expected, but consumer confidence fell, and fell more than was anticipated.

US retail sales rose 0.5% from June to July. That’s better result than was expected (0.4%) and higher than June change (0.3%). Core retail sales also grew 0.5%. (Event A on the chart.)

Michigan Sentiment Index, according to preliminary estimates, slumped 63.7 in July to 54.9 in August. That’s a way bigger decline that was anticipated by market analysts, who predicted the index to be at 63.2 (Event B on the chart.)

Business inventories increased 0.3% in June, showing slower growth that 0.9% increase in May and median forecast of 0.6%. (Event B on the chart.)

EUR/USD for 2011-08-12

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