EUR/USD Rises, Then Falls amid Directionless Trading

EUR/USD was rising today but has trimmed its gains by now. Trading was rather directionless on Friday as there was no major market-moving news. As for US data, it was mixed.

NY Empire State Index dropped from 8.8 to 3.7 in March instead of rising to 10.1 as analysts had predicted. (Event A on the chart.)

Industrial production rose just 0.1% in February, whereas experts had predicted an increase by 0.4%. The indicator declined 0.4% in the previous month. Capacity utilization was at 78.2%, down from 78.3% in January, while specialists had predicted an increase to 78.5%. (Event B on the chart.)

Michigan Sentiment Index climbed from 93.8 in February to 97.8 in March, exceeding the average forecast of 95.5. (Event C on the chart.)

Net treasury purchases were at -$7.2 billion in January. That is compared to -$6.9 billion predicted by economists and -$48.3 billion registered in December. (Event D on the chart.)

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Posted on Forex blog.