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EUR/USD Reverses Losses, Boosted by Weak Manufacturing Index

June 21, 2018 by

EUR/USD was falling during the current trading session but managed to reverse its losses. The rebound gained momentum after the Philadelphia Fed reported that its manufacturing index fell this month much more than was expected. The US leading indicators also provided an unpleasant surprise, and unemployment claims was the only decent indicator released in the United States today.

Philadelphia Fed manufacturing index fell from 34.4 in May to 19.9 in June, far below the forecast value of 28.9. (Event A on the chart.)

Initial jobless claims were at the seasonally adjusted rate of 218k last week. That is compared to the previous week’s 221k and the median forecast of 220k. (Event A on the chart.)

Leading indicators rose 0.2% in May, whereas analysts had expected the same 0.4% rate of increase as in April. (Event B on the chart.)

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

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