EUR/USD attempted to rally today but was unable to keep gains, similar to its performance during the previous trading session. This time, though, the reason for the decline was clearer. The currency pair dropped as US macroeconomic indicators were unexpectedly good, increasing the appeal of the US dollar to investors.
PPI rose 0.5% in April. That was a better reading than a 0.2% increase predicted by analysts, let alone the 0.1% drop registered in March. (Event A on the chart.)
Initial jobless claims slipped from 238k to 236k last week, surprising experts who were counting on an increase to 245k. (Event A on the chart.)
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