EUR/USD Rose, Fell and Now Returned to Where It Started
The euro suffers volatility today after three days of gains against the U.S. dollar as it initially rose, then experienced a sharp decline and now resides near the opening level. Today’s data from the U.S. should cause mixed feeling among traders as retail sales unexpectedly and sharply declined, yet consumer confidence expected to improve. EUR/USD trades currently near
U.S. retail sales provided an unpleasant surprise by declining 1.2% in May, while they rose 0.6% in April. The traders were definitely unprepared as they expected an increase by 0.2%.
Preliminary University of Michigan Index of Consumer Sentiment increased to 75.5 from a previous reading of 73.6. The forecast promised an increase to 74.7.
Business inventories posted the 0.4% increase in April from March. The previous reading was revised from 0.4% to 0.7%. The increase by 0.6% was expected.