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EUR/USD Continues to Move Down

July 1, 2015 by Vladimir Vyun

EUR/USD demonstrated losses for the second consecutive session as economic news from the United States was fairly positive, especially the bigger-than-expected employment growth. Meanwhile, Greek authorities backed down and showed willingness to accept most of the austerity measures demanded by international creditors. Yet it looks like there is no more trust left for the indebted country as German Chancellor Angela Merkel said that there will be negotiations until the July 5 Greek referendum.

ADP employment increased by 237k in June on a seasonally adjusted basis. The actual report turned out to be better than the analysts’ predictions of 219k and the May’s growth by 203k. (Event A on the chart.)

Markit manufacturing PMI was at 53.6 in June down from 54.0 in May according to the final estimate. Experts thought that the revised index would be at the same 53.4 level as the flash estimate. (Event B on the chart.)

ISM manufacturing PMI was at 53.5% in June, near the predicted value of 53.2% and above the previous month’s level of 52.8%. (Event C on the chart.)

Construction spending was up 0.8% in May from April, two times the forecast of 0.4%. The indicator climbed 2.1% in the previous reporting period. (Event C on the chart.)

US crude oil inventories expanded by 2.4 million barrels last week instead of falling by 1.9 million as was predicted by analysts. The report said that the stockpiles “remain near levels not seen for this time of year in at least the last 80 years.” Total motor gasoline inventories shrank by 1.8 million barrels and were in the upper half of the average range. (Event D on the chart.)

EUR/USD for 2015-07-01

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