EUR/USD Crashes as ECB Promises No Rate Hikes in 2018

EUR/USD Crashes as ECB Promises No Rate Hikes in 2018


EUR/USD Crashes as ECB Promises No Rate Hikes in 2018

June 14, 2018 by

EUR/USD was gradually rising today but crashed after the European Central Bank signaled that it is not going to raise interest rates this year. (Event A on the chart.) US macroeconomic indicators released in the United States afterwards were good across the board, giving no reprieve for the currency pair.

Retail sales rose 0.8% in May from the previous month, two times the forecast increase of 0.4%. The April increase got a small positive revision from 0.3% to 0.4%. (Event B on the chart.)

Initial jobless claims fell from 222k to 218k last week, while analysts had expected no change. (Event B on the chart.)

Both import and export prices rose 0.6% in May, the same as in April and in line with forecasts. (Event B on the chart.)

Business inventories rose 0.3% in April from March, matching expectations. The previous month’s reading was revised from no change to a small decrease by 0.1%. (Event C on the chart.)

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