Good Data from Europe Makes EUR/USD Stronger

EUR/USD climbed today as Italian economy contracted less than was predicted by analysts (event A on the chart) and German factory orders grew faster than was anticipated by market participants (event B on the chart). The currency pair dropped yesterday on positive report from the United States and may yet retreat as today’s data was not bad either.
US trade balance shrank to $34.2 billion in June down from $44.1 billion in May. The rate of decrease exceed the forecast drop to $43.1 billion. (Event C on the chart.)
Yesterday, a report on ISM services PMI was released, showing an increase from 52.2% in June to 56.0% in July, which was much bigger than the forecast rise to 53.2%. (Not shown on the chart.)

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