EUR/USD Falls as Spain Expected to Require Rescue

EUR/USD dropped today as eurozone finance ministers will meet on the weekend to discuss whether Spain needs aid. The prospect for fueled fears that the crisis is spreading across the eurozone and traders fled the endangered shared 17-nation currency.
US trade balance deficit was $50.1 billion in April, in line with analysts’ expectations of $49.9 billion. The March deficit was revised to $52.6 billion from $51.8 billion. (Event A on the chart.)
Wholesale inventories expanded 0.6% in April, near the median forecast of 0.5% and above the March reading of 0.3%. (Event B on the chart.)

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