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EUR/USD Goes Higher, Weak US Manufacturing Helps Maintain Momentum

May 15, 2017 by

EUR/USD was rising today, and soft manufacturing data from the United States helped the currency pair to continue the rally. With that said, EUR/USD started to move sideways after a while, and the worse-than-predicted report about net foreign purchases did not change that.

NY Empire State Index slumped from 5.2 to -1.0 in May. That was a completely unexpected turn of events to analysts who were erroneously counting on an increase to 7.2. (Event A on the chart.)

Net foreign purchases were at $59.8 billion in March. That is more than $53.1 billion in February but less than $68.3 billion predicted by experts. (Event B on the chart.)

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

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