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The European currency fell in its pairing with the US dollar in the first half of the day, despite the good fundamental data on industrial production in the eurozone.
Pressure on the euro was formed after working off important levels of resistance, which is recommended to pay attention to in the morning analysis. The decline is also possible due to the closure of a number of long positions before the start of the G20 meeting, at which the political situation in Spain will be a very important topic, which has been negatively reflected on the European currency recently.
According to the report of the statistical agency, industrial production in the eurozone in August increased sharply, which indicates a healthy state of the European economy. So, in August of this year, industrial production grew by 1.4% compared with July, while economists forecast growth of only 0.6%. Compared to the same period in 2016, industrial production grew by 3.8%, also exceeding the forecast of economists.
The US dollar strengthened against the European currency and the British pound after the release of a good report on inflation in the US.
According to the Ministry of Labor, the final demand index rose in September this year by 0.4% compared with the previous month. Economists also forecast an increase in the index by 0.4%. The base index, which does not include prices for volatile categories of goods, rose by 0.2% in September. As noted in the report, Hurricanes Harvey and Irma had virtually no impact on the data. Compared to the same period of the previous year, the producer price index increased by 2.6%.
The number of initial applications for unemployment benefits decreased last week, which also indicates the recovery of the labor market after the hurricanes. According to the report of the US Department of Labor, the number of initial applications for unemployment benefits in the US for the week from 1 to 7 October decreased by 15,000 and amounted to 243,000. Economists predicted that the number of applications will be at 252,000.
Today, interesting results concerning forecasts on who will be the next chairman of the US Federal Reserve were published.
According to the data, a number of economists expect that US President Donald Trump will nominate former head of the Central Bank Kevin Warsh for the post of Fed chairman. This probability is estimated at 28%. The probability of nomination of Yellen is estimated at 22%, and Powell, also one of the main candidates for this post, at 21%.
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