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Positive US Data Fails to Boost US Dollar

May 17, 2016 (Last updated on May 18, 2016) by

Most of the US macroeconomic indicators released today were good but they failed to bolster the US dollar. As a result, EUR/USD was trading sideways.

Housing starts and building permits rose in April. Housing starts were at the seasonally adjusted annual rate of 1.17 million, up from 1.10 million in March and compared to the median forecast of 1.12 million. Building permits were at the seasonally adjusted rate of 1.12 million, in line with expectations and up from 1.08 million the month before. (Event A on the chart.)

CPI rose 0.4% in April. The growth was faster than the predicted 0.3% and the March’s 0.1%. (Event A on the chart.)

Industrial production and capacity utilization increased last month. Production rose 0.7% after falling 0.9% the month before (revised, the drop had been 0.6% before the revision), beating the predicted increased by 0.3%. Capacity utilization increase from 74.9% to 75.4%, exceeding the analysts’ estimate of 75.1%. (Event B on the chart.)

EUR/USD as of 2016-05-17

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