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EUR/USD Rallies on Back of Surprisingly Poor US Data

June 16, 2017 by Vladimir Vyun

EUR/USD rallied today thanks to poor economic data released in the United States over the trading session. Housing data and the consumer sentiment missed forecasts, falling unexpectedly. That drove the dollar down against other rivals.

Both housing starts and building permits fell in May instead of rising as experts had predicted. Housing starts were down to the seasonally adjusted annual rate of 1.09 million from the previous month’s revised value of 1.16 million, failing to meet the analysts’ median projection of 1.23 million. Building permits dropped to the seasonally adjusted annual rate of 1.17 million last month from 1.23 million in April, while specialists were counting on an increase to 1.25 million. (Event A on the chart.)

Michigan Sentiment Index dropped from 97.1 in May to 94.5 in June according to the preliminary reading. Analysts thought that the index would be little changed. (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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