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EUR/USD Down, Recovers on Poor US Economic Data

May 25, 2011

EUR/USD slipped today as the European woes continue to plague markets, but recently it quickly rose, almost erasing losses. The report about durable goods orders was even worse than pessimistic forecasts. Forecast for tomorrow GDP report are optimistic, though. EUR/USD trades at 1.4091 now after dropping as low as 1.4012.

Durable goods orders dropped sharply by 3.6% in April, following the 4.4% rally in March. The median forecast was 2.0% decline. (Event A on the chart.)

Crude oil inventories increased by 0.6 million barrels from the previous week and are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 3.8 million barrels last week and are in the lower limit of the average range. (Event B on the chart.)

EURUSD for 2011-05-25

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