{"id":47206,"date":"2013-09-12T09:17:00","date_gmt":"2013-09-12T09:17:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-euro-down-after-weak-industrial-output-data\/47205\/"},"modified":"2013-09-12T09:17:00","modified_gmt":"2013-09-12T09:17:00","slug":"forex-market-update-euro-down-after-weak-industrial-output-data","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/forex-market-update-euro-down-after-weak-industrial-output-data\/47206\/","title":{"rendered":"Forex Market Update: Euro Down After Weak Industrial Output Data"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>The euro fell sharply against the U.S. dollar on Thursday after an economic survey showed that industrial output contracted in July.<\/p>\n<p><span id=\"more-47206\"><\/span><\/p>\n<p>The common currency was last down 0.26% against the dollar to trade at $1.3276<\/p>\n<p>Meanwhile, the Dollar Index rose 0.12% to 81.62 as expectations are rising that the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>, which meets on September 17-18 for its next open market committee meeting, might start slowing the pace of asset purchases.<\/p>\n<p>Currency analysts believe that the tapering process will commence soon but the pace of scaling down will be slow. It is speculated that the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a> will start narrowing its $85 billion worth monthly asset purchase program initially by $10 billion to $15billion.<\/p>\n<p>\u201cGoing into the Fed meeting, people are wondering how much tapering it will do,\u201d said Mankash Jain, head, FX and Investment Management, Solo Capital, a London-based hedge fund while speaking to Reuters.<\/p>\n<p>\u201cWe are not going short dollars into the meeting and believe there is an upside\u201d added Jain.<\/p>\n<p>The dollar index which was slightly higher during Asian trading hours, climbed sharply after the Labor Department said that weekly first time jobless claims fell by 31,000 to a seasonally adjusted 292,000, which is the lowest level recorded since April 2006. Economists polled by MarketWatch were expecting 330,000 seasonally adjusted claims.<\/p>\n<p>However, the dollar quickly pared gains after the Labor Department said that two states encountered some technical\u00a0 problems in their computer systems; as a result, these states couldn\u2019t record all first time claims. This was the key reason why claims fell so sharply, said one department analyst.<\/p>\n<p>.<\/p>\n<div class=\"nr_popular_placeholder\" data-permalink=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-euro-down-after-weak-industrial-output-data\/47206\" data-title=\"Forex Market Update: Euro Down After Weak Industrial Output Data\"><\/div>\n<p><script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130917075157js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> <\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-on-a-mixed-note-74\/47272\"><br \/>\nStocks End on a Mixed Note<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-gain-silver-prices-also-rise\/47270\"><br \/>\nGold Prices Gain; Silver Prices Also Rise<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-held-gains-by-mid-day-trade-2\/47268\"><br \/>\nStocks Held Gains by Mid-Day Trade<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-gain-sharply-in-early-trade\/47266\"><br \/>\nStocks Gain Sharply in Early Trade<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-index-falls-to-a-four-week-low\/47262\"><br \/>\nForex Market Update: Dollar Index Falls to a Four-Week Low<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-gains-as-hawkish-summers-withdraws-from-fed-chairmanship-silver-prices-gain-as-well\/47259\"><br \/>\nGold Prices Gains as \u201cHawkish\u201d Summers Withdraws From Fed Chairmanship, Silver Prices Gain as Well<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/futures-point-to-a-higher-start-6\/47257\"><br \/>\nFutures Point to a Higher Start<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130917075157im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script--><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>The euro fell sharply against the U.S. dollar on Thursday after an economic survey showed that industrial output contracted in 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