EUR/USD fell at the start of today’s trading session, but later began to rise as some economic indicators suggested that the U.S. economy recovers. Some volatility can be expected as reports showed a mixed set of readings. Number of jobless claims decreased and manufacturing conditions improved. On the other hand, GDP contracted from the previous quarter and economic sentiment continues to decline. EUR/USD trades now near 1.3017.
GDP (advance) increased at an annual rate of 2.4% in Q2 2010, following an increase by 3.7% in Q1 2010. Forecasts were near actual value, promising an advance by 2.5%.
Michigan sentiment index dropped sharply from 76.0 in June to 67.8 in the July. Median estimates predicted a decline to 67.3.
Chicago PMI rose to 62.3 in July from 59.1 in June. Market analysts expected a decline to 56.3.
Yesterday, a report on initial jobless claims was released, showing a decrease to 457,000 the last week from the previous week’s revised figure of 468,000.
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