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EUR/USD Loses Wednesday’s Gains

EUR/USD was unable to keep yesterday’s gains, falling today more than it had risen during the previous trading session. Economic data from the United States was not very good, therefore it was not the reason for the dollar’s gains versus the euro. The most likely reason for such behavior was fears of the Brexit and possible ramifications for the European economy.

CPI rose 0.2% in May, failing to meet market expectations of an increase by at least 0.3%. It was also below the previous month’s rise of 0.4%. (Event A on the chart.)

Philadelphia Fed manufacturing index climbed from -1.8 to 4.7 in June. The analysts’ median forecast was at 1.1. (Event A on the chart.)

Initial jobless claims jumped from 264k to 277k last week, exceeding the forecast of 267k. (Event A on the chart.)

Current account deficit was at $124.7 billion in the first quarter of 2016, matching forecasts exactly, up from $113.4 billion fourth quarter of 2015. (Event A on the chart.)

EUR/USD as of 2016-06-16

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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