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EUR/USD Rallies After Markit PMIs Miss Expectations

June 23, 2017 by

EUR/USD rallied today after Markit released indicators for US manufacturing and services, which showed an unexpected drop. Better-than-expected housing data did not affect the currency pair much.

Markit released a flash report for manufacturing and services in June, and both indicators missed expectations. Manufacturing PMI fell from 52.7 to 52.1, whereas experts predicted an increase to 53.1. Services PMI declined from 53.6 to 53.0 instead of rising to 53.9 as was predicted. (Event A on the chart.)

New home sales rose to the seasonally adjusted annual rate of 610k in May from the revised April’s rate of 593k (569k before the revision). The analysts’ median forecast promised an increase to just 599k. (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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