EUR/USD Down on Bad Fundamental Data from Europe

EUR/USD fell today, following two days of gains, on poor macroeconomic reports from Europe. Members of the Group of Seven meet today to discuss the dangerous economic situation in the eurozone, but traders are skeptical about the ability of politicians to resolve the financial turmoil.
ISM services PMI was at 53.7% in May, little changed from the April reading of 53.5% and matching the analysts’ forecast of 53.6%. (Event A on the chart.)
Yesterday, a report on factory orders was released, showing a decrease by 0.6% in April instead of the expected rise by 0.3%. The March figure was revised from -1.5% to -2.1%. (Not shown on the chart.)

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