EUR/USD Trickles Down

EUR/USD slumped today after erasing its rally and closing flat yesterday. There was no particular big event to cause the slump, but there are enough reasons for the currency pair to go down. Rumors that the European Central Bank may introduce negative deposit rates and this week’s abysmal GDP reports from the eurozone make the euro unattractive for investors. On top of that, US economic news was good for a change today after being almost constantly bad for a whole week. The positive data boosted the dollar.
Michigan Sentiment Index climbed from 76.4 (revised from 72.3) in April to 83.7 in May. The actual value was above the forecast of 77.9. (Event A on the chart.)
Leading indicators advanced 0.6% in April, beating the predictions of 0.3%. The March reading was revised from -0.1% to -0.2%. (Event A on the chart.)


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