The main currency pair’s attempt to reverse the trend to the upside during the Asian trading session on Wednesday failed.
The EUR/USD pair has been falling in the center of the channel for the eleventh trading session in a row with a short pause. The current quote for the instrument is 1.0713, although during the Asian trading session the pair trader a bit above 1.0750.
They haven’t published any important statistics relating to the Eurozone or the USA today yet. The market is very carefully monitoring the raw materials prices behavior and speculations about Trump’s possible prohibition on oil imports in the USA. However, yesterday’s statistics was rather interesting.
So, Retail Sales in the USA in October added 0.8% m/m, although they were predicted to improve by 0.6% m/m. Import Prices added 0.5% in October against expectations of 0.4%, and Export Prices increased by 0.2%, just as expected.
At the same time, The NY Empire State Manufacturing Index in November increased up to 1.5 points against expectations of -2.5 points. Business Inventories added 0.1% against predictions of 0.2%, and this was the only report that turned out to be worse than expected.
So, Retail Sales went into a steady growth phase since there hasn’t been such strong stats in the sector for a long time. Taking into account that this is an October report, which doesn’t contain any seasonal sales or other increased consumer activities, the report looks even better. It should come as no surprise that the data provided support to the USD.
Investors’ attention is slowly switching to the December meeting of the USA Fed. The market has already included a possible rate increase in prices, but anytime this increase is spoken of, the USD is getting even stronger.
RoboForex Analytical Department
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