EUR/USD rallied for the third straight session today after the release of economic data from the United States. Basically all US indicators were bad, even though some of them have exceeded expectations. As a result, the dollar lost some of its appeal for traders.
According to the second (preliminary) estimate, US GDP fell 0.7% in Q1 2015 after rising 2.2% in Q4 2014. While the reading itself was not good, at least it was a tad better than the forecast drop by 0.8%, though it was not as good as the first estimate that showed growth by 0.2%. (Event A on the chart.)
Chicago PMI fell to 46.2 in May from 52.3 in April. Analysts have missed the mark completely, promising an increase to 53.1 ahead of the report. (Event B on the chart.)
Michigan Sentiment Index eased from 95.9 in April to 90.7 in May. Not a good reading by itself, but at least it was better than the forecast figure of 90.0 and the preliminary assessment of 88.6. (Event C on the chart.)
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