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EUR/USD Falls Sharply to Session Opening

May 31, 2016 by

EUR/USD was moving up for the most part of the current trading session but has fallen sharply recently and is trading near the opening level as of now. It is a puzzling behavior considering that the couple of reports released from the United States prior to the drop were disappointing.

Personal income and spending rose in April. Income was up 0.4%, the same as in March and matching expectations. Spending increased 1.0%, compared to the forecast of 0.7% and no change in March (negatively revised from the 0.1% increase). (Event A on the chart.)

S&P/Case-Shiller home price index rose 5.4% in March, year-over-year, at the same rate as in February. Analysts had predicted a bit smaller increase by 5.1%. Month-on-month, the index was up 0.9%. (Event B on the chart.)

Chicago PMI fell to 49.3 in May from 50.4 in April. The actual value was far from the optimistic forecast of 50.8. (Event C on the chart.)

Consumer confidence declined to 92.6 in May from 94.7 in April (positively revised from 94.2). Again, specialists have missed with their optimistic promises of an increase to 96.1. (Event D on the chart.)

EUR/USD as of 2016-05-31

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