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EUR/USD Rises on Improving Economic Confidence, Gives Up Gains

June 27, 2013

EUR/USD gained today after a report showed that European economic confidence improved, while German unemployment decreased. The currency pair retreated later on positive data from the United States. The housing report was especially good.

Initial jobless claims fell from 355k to 346k last week, in line with forecasts. (Event A on the chart.)

Personal income and spending grew last month. Income was up 0.5% in May, rising faster than the forecast 0.2% and the April’s 0.1%. Expenditures rose 0.3%, matching expectations, after falling at the same rate in the preceding month. (Event A on the chart.)

Pending home sales surged 6.7% in May beating the expected increase of 1.1% by a wide margin. The sales reached the highest level since 2006. At the same time, the April reading was revised negatively from 0.3% to -0.5%. (Event B on the chart.)

EUR/USD for 2013-06-27

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