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EUR/USD Drops, Attempts to Recover

June 2, 2014 by Vladimir Vyun

EUR/USD dropped today but is trying to recover as of now. Disappointing economic reports from the United States bolstered the currency pair a bit, but it looks like EUR/USD is unable to keep upward momentum.

ISM manufacturing PMI fell to 53.2% in May from 54.9% in April instead of rising to 55.7% as was predicted by analysts. (Event A on the chart.) Correction: As it turned out, the May value initially provided by ISM was wrong due to a software error. The actual reading was at 55.4%, according to the corrected report, meaning that the index rose last month.

Construction spending grew 0.2% in April from March. This is compared to the predicted growth of 0.8% and the March increase of 0.6% (revised from 0.2%). (Event A on the chart.)

EUR/USD-2014-06-02

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

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