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Poor US Data Does Not Prevent Drop of EUR/USD

July 31, 2014 by

The dollar continued to gain on the euro for the third consecutive trading session today despite worse-than-expected economic reports from the United States.

Seasonally adjusted initial jobless claims rose from 279k to 302k last week, in line with exepctations. (Event A on the chart.)

Chicago PMI slumped by 10 points to 52.6 in July. It was an unexpected turn of events as analysts have expected an increase to 63.2. (Event B on the chart.) The report said:

A monthly fall of this magnitude has not been seen since October 2008 and left the Barometer at its lowest level since June 2013.

EUR/USD for 2014-07-31

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