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US GDP Revised Higher, EUR/USD Hurries to Downside

May 27, 2016 by

EUR/USD sank today after the positive revision of the first quarter’s US gross domestic product. The negative revision of the consumer sentiment index did little to stop the fall. Now, traders wait for the speech of Fed Chair Janet Yellen scheduled on 17:15 GMT.

US GDP rose 0.8% in Q1 2016 according the preliminary (second) estimate, matching analysts’ forecasts exactly. That is compared to the advance estimate of 0.5% and the previous quarter’s growth of 1.4%. (Event A on the chart.)

Michigan Sentiment Index rose from 89.0 in April to 94.7 in May according to the revised reading but was below the preliminary figure of 95.8 and the forecast value of 95.7. (Event B on the chart.)

EUR/USD as of 2016-05-27

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