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EUR/USD Turns Down on Poor European Data, Losses Limited

July 1, 2014 by Vladimir Vyun

EUR/USD fell today following two sessions of gains as most European macroeconomic indicators, including German employment and the eurozone PMI (event A on the chart), missed expectations. Losses were limited, though, as US figures were also below forecasts.

ISM manufacturing PMI was at 55.3% in June, somewhat below May’s 55.4% and the forecast reading of 55.6%. (Event B on the chart.)

Construction spending rose 0.1% in May from April, missing analysts’ estimate of 0.5%. The April reading was revised upwardly from 0.2% to 0.8%. (Event B on the chart.)

EUR/USD-2014-07-01

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