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EUR/USD Fails to Maintain Rally After US Consumer Sentiment Provides Positive Surprise

May 17, 2019 by

EUR/USD attempted to rally intraday but failed to keep gains, especially after the consumer sentiment reported by the University of Michigan demonstrated surprisingly sharp improvement.

Leading index rose 0.2% in April, in line with expectations. The March increase got a negative revision from 0.4% to 0.3%. (Event A on the chart.)

Michigan Sentiment Index surged to 102.4 in May from 97.2 in April, far above the forecast value of 97.8. That was the highest level in fifteen years. (Event A on the chart.)

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

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