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EUR/USD Rallies, Struggles to Move Even Higher

June 1, 2016 by Vladimir Vyun

EUR/USD was rising today and as of now is struggling to move even higher. US data released over the trading session was mixed, with manufacturing indicators being pretty good while construction spending being far worse than forecasts.

Seasonally adjusted Markit manufacturing PMI fell just marginally from 50.8 in April to 50.7 in May according to the final version of the report. Experts had predicted the index to remain at its preliminary value of 50.5. (Event A on the chart.)

Market analyst also expected ISM manufacturing PMI to be at 50.5% in May. Yet in reality, the index rose to 51.3% from 50.8% in April. (Event B on the chart.)

Construction spending dropped as much as 1.8% in April from March while specialists had predicted an increase by 0.5%. On a positive note, the March reading received a huge positive revision from 0.3% to 1.5%. (Event B on the chart.)

EUR/USD as of 2016-06-01

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