Germany’s President Resignation Drives EUR/USD Down

EUR/USD currency pair is heading down today after Germany’s president unexpectedly resigned, giving another reason for doubts about strength of the European economy and weakening the euro. On the other hand, the problems with the oil spill in the Gulf of Mexico are weighting on the U.S. economy still, which may show its influence on the U.S. currency in the future. EUR/USD trades currently near 1.2249.

ISM PMI indicator (manufacturing sector survey) registered a growth of 59.7%, compared to April’s reading of 60.4%. The market participants expected decline to 59.3%.

Total construction spending unexpectedly increased by 2.7% in April, an astounding jump compared to the revised march reading of 0.4% and analysts’ expectations of decline to 0.1%