Yen and Euro Rise, Rupee Is Low before the Fed's Meeting
Euro showed a slight positive rise of 0.1%
The euro-US dollar pair is directly related to the the euro. It rose early in the day on December 14, 2015. The rise was mainly due to positive industrial production numbers. The euro posted an intraday high of 1.10 after the domestic data released. Most of the gains were lost towards the end of the day because the US dollar started gaining strength ahead of the Fed’s meeting. The currency pair ended the day at 1.11.
Industrial production is rising
Eurostat published the industrial production data for October on December 14, 2015. The month-over-month seasonally adjusted industrial production rose by 0.6%. The industrial production was above the estimates of a 0.3% rise. The previous month saw a 0.3% fall. The rise in industrial production was mainly due to the 1.8% rise in the production of durable consumer goods and a 0.6% rise in energy. The rise was partly offset by the fall in production of intermediate goods.
Impact on the market
Looking at the performance of currency-based ETFs linked to the euro on December 14, 2015, the ProShares UltraShort Euro ETF (EUO) had a flat day of trade. It rose slightly by 0.04%. EUO is inversely linked to the euro. The Guggenheim Currency Shares Euro ETF (FXE) has a direct relationship to the euro. It was also trading near flat. It fell by 0.03%.
European ADRs (American depositary receipts) trading on US exchanges were on a positive trajectory. Alcatel-Lucent (ALU) rose by 0.27%. Greek shipping company Navios Maritime Holdings (NM) rose by 0.42%. The Finnish company Nokia Oyj (NOK) rose by 0.72% on December 14.
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