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EUR/USD Declines on Last Day of June

EUR/USD fell today even though economic indicators released in the eurozone were very good for the most part. US economic data was somewhat mixed, but not particularly bad either. Fundamentals remained in favor of the currency pair, and the current drop looks like nothing more than just a profit-taking after the impressive three-day rally.

Personal income and spending rose in May. Personal income was up 0.4%, while analysts predicted the same 0.3% rate of growth as in April (revised, it was at 0.4% before the revision). Personal spending edged up 0.1% last month, matching expectations, after rising 0.4% in the preceding month. Core PCE inflation was at 0.1%, the same as the forecast figure and the revised April reading (0.2% before the revision). (Event A on the chart.)

Chicago PMI climbed from 59.4 in May to 65.7 in June. It was a surprise to experts as they were counting on a decline to 58.1. (Event B on the chart.)

Michigan Sentiment Index fell from 97.1 in May to 95.1 in June according the revised estimate, slipping to the lowest level since Donald Trump was elected as US President. Forecasters predicted the index to be the same as the preliminary value of 94.5. (Event C on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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