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EUR/USD Falls as ISM Services PMI Trails Forecasts

EUR/USD rose today as the report about the US services industry released by the Institute for Supply Management today turned out to be worse than was predicted. Other reports were good, but that did not prevent the currency pair from rallying, though the rally was limited.

Initial jobless claims fell from 245k to 240k last week, close to the forecast figure of 242k. (Event A on the chart.)

Markit services PMI rose from 54.2 in June to 54.7 in July according to the revised estimate. Analysts and the preliminary reading had promised the index to stay unchanged. (Event B on the chart.)

Meanwhile, ISM services PMI dropped from 57.4 in June to 53.9 in July, far below the average forecast of 56.9. (Event C on the chart.)

Factory orders rose 3.0% in June, at about the same rate as experts had promised. The May drop was revised from 0.8% to 0.3%. (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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