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EUR/USD Drops for First Time in Five Days

July 1, 2011 by

EUR/USD dropped today for the first day after four days of gains. The currency pair is likely to post the first weekly gain after the three weeks of losses and it posted a monthly gain in June. The PMI unexpectedly rose in June, while construction spending also provided surprise, but unpleasant one. EUR/USD trades now at 1.4490.

Michigan Sentiment Index was revised slightly down to 71.5 from the preliminary estimate of 71.8. The predicted reading was 72.0 and the May figure was 74.3. (Event A on the chart.)

ISM PMI climbed to 55.3% in June from 53.5& in May, instead falling to 51.6% as economists predicted. (Event A on the chart.)

Construction spending fell 0.6% in May, on par with the April decline. Forex market participants hoped for an increase by 0.1%. (Event A on the chart.)

EURUSD for 2011-07-01

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