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EUR/USD Retreats, Erasing Session Gains

May 1, 2015 by Vladimir Vyun

EUR/USD was rising for the most part of the current trading session but retreated to its opening level as of now. It was an unexpected turn of events as soft economic data from the United States and signs of progress in talks between Greece and its European creditors should have supported the currency pair.

Markit manufacturing PMI fell to a three-month low of 54.1 in April from March’s 55.7, in line with expectations. (Event A on the chart.)

ISM manufacturing PMI registered 51.5% in April, the same reading as in March. Market participants hoped for an increase to 52.1%. (Event B on the chart.)

Michigan Sentiment Index rose from 93.0 in March to 95.9 in April according to the revised estimate which was the same as the preliminary one. The actual reading was close to the forecast of 96.1. The report said that “Consumer Sentiment in April was at its second highest level since 2007”. (Event B on the chart.)

Construction spending dropped 0.6% in March from February instead of rising 0.5% as was predicted by analysts. The indicator was unchanged in February. (Event B on the chart.)

EUR/USD-2015-05-01

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

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