First Drop of EUR/USD This Week

Today, EUR/USD dropped for the first time this week as some of US economic reports were better than expected. At the same time, many reports were not as good as traders have hoped for and the currency pair is attempting to rebound at the present time.
PPI rose 0.5% in May, beating the forecast of 0.1%. The April’s change was at -0.7%. (Event A on the chart.)
Current account deficit increased to $106.1 billion in the first quarter of 2013 from $102 billion in the previous quarter. Still, it was below the expected shortage of $110 billion. (Event A on the chart.)
Net foreign purchases fell by $37.3 billion in April after dropping by $13.4 billion in March. It was an unpleasant surprise as an increase by $35.0 billion was expected. (Event B on the chart.)
Industrial production was unchanged in May after decreasing 0.4% in April. Market analysts have expected 0.3% growth. Capacity utilization was at 77.6%, almost unchanged from the previous month’s 77.7%, while traders have hoped for an increase to 77.9%. (Event C on the chart.)
Michigan Sentiment Index slipped from 84.5 in May (revised positively from 83.7) to 82.7 in June, according to the preliminary estimate. The actual figure was definitely worse than the predicted 84.9. (Event D on the chart.)


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