EUR/USD Gains on Positive European Reports, Erases Rally Later

EUR/USD advanced today after a set of positive reports from Europe was released. The currency pair gave away gains later. Macroeconomic data from the United States was mixed. The Chicago PMI came out worse than was expected, but the University of Michigan Sentiment index showed only small change according to the revised estimate, while the preliminary reading was demonstrating a noticeable decline.
Chicago PMI dropped from 58.7 in May to 51.6 in June. The drop was bigger than the fall to 55.5 predicted by analysts. (Event A on the chart.)
Revised Michigan Sentiment Index was at 84.1 in June, little changed from the May’s 84.5. It was better than the preliminary estimate of 82.7 and the predicted value of 83.1. (Event B on the chart.)

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