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European Reports Better than US Data, EUR/USD Jumps

June 3, 2013 by Vladimir Vyun

EUR/USD climbed today as macroeconomic reports were worse than expected, sparking talks that the Federal Reserve may maintain its stimulus program for a prolonged time. Meanwhile, European data was better than expected. The euro gained on the dollar as a result.

ISM manufacturing PMI fell from 50.7% in April to 49.0% (a reading below 50.0% indicated contraction of the sector). It was the first decline since November 2012. Analysts have thought that the index would stay unchanged. (Event A on the chart.)

Construction spending grew 0.4% in April from March. It was rather small growth compared to the expected 1.1%. The March reading was revised positively from -1.7% to 0.8%. (Event A on the chart.)

EUR/USD for 2013-06-03

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