EUR/USD Loses Ground amid Quiet Trading

There were no big macroeconomic reports either from the United States or from Europe today, giving traders a breather and allowing them to digest yesterday’s news. EUR/USD was slowly going down in the meantime, perhaps because market participants were relieved that there were no more big shocks, leading to speculations that yesterday’s rally of the currency pair was overdone.
Initial jobless claims were at 312k last week, in line with expectations and not far from the previous week’s reading of 314k. (Event A on the chart.)
Personal income and spending rose in May but missed analysts’ projections. Income grew 0.4% — above the April’s change of 0.3% but below the predicted figure of 0.5%. Spending increased 0.2% after posting no change (0.0%) in the previous month, but the increase was below the median forecast of 0.4%. (Event A on the chart.)

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