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EUR/USD Bounces After Opening Sharply Lower

July 6, 2015 by

EUR/USD opened sharply lower at the start of today’s trading session after Greece held a referendum over the weekend. The country rejected the austerity demands of its international creditors, increasing chances for the so-called Grexit (exit of Greece from the eurozone). Meanwhile, today’s data from the United States was somewhat soft, though not terrible at all.

Final revision of Markit services PMI demonstrated a reading of 54.8 in June — exactly the same as analysts’ projections and the preliminary estimate. It was below the May’s figure of 56.2 but above the neutral 50.0 level. (Event A on the chart.)

ISM services PMI rose a little from 55.7% in May to 56.0% in June, missing the median forecast of 56.5%. (Event B on the chart.)

EUR/USD for 2015-07-06

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