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US & Eurozone Data Poor; EUR/USD Dips, Attempts to Rebound Later

May 23, 2019 by

EUR/USD dipped intraday as macroeconomic indicators in the eurozone were disappointing for the large part, with data from France was the only one providing positive surprises. The currency pair is attempting to rebound as US data was not good as well, but so far the EUR/USD still trades below the opening level.

Seasonally adjusted initial jobless claims were at 211k last week, almost unchanged from the previous week’s unrevised level of 212k. Ahead of the report, analysts had predicted an increase to 215k. (Event A on the chart.)

Flash readings for both Markit manufacturing PMI and Markit services PMI showed a significant drop in May, frustrating market participants who were counting on an increase. Markit manufacturing PMI dropped from 52.6 to 50.6 instead of rising to 53.0. Markit services PMI dropped from 53.0 to 50.9 instead of rising to 53.6. (Event B on the chart.)

New home sales were at the seasonally adjusted annual rate of 673k in April, slightly below the median forecast of 678k. The March figure got a positive revision from 692k to 723k. (Event C on the chart.)

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

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