EUR/USD Edges Higher with Eurozone Manufacturing

EUR/USD edged higher today as manufacturing in the eurozone contracted with slower pace in May than in April. (Event A on the chart.) The data from the United States was good too, fueling speculations that the Federal Reserve may trim the size of its asset-purchase program. Such talks bolstered the dollar, but the euro still managed to outperform the US currency.
Initial jobless claims fell to 340k last week from the previous week’s 363k. The actual reading was a bit better than the forecast of 347k. (Event B on the chart.)
New home sales were at the seasonally adjusted annual rate of 454k in April up from 444k in March (revised upwardly from 417k). The median forecast promised a drop to 429k. (Event C on the chart.)


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