Dollar Pares Gains Despite Supportive Data

The dollar pared its initial gains versus the euro today even though US economic data continued to be supportive for the greenback. The euro still remained under pressure as talks between Greece and its creditors continue as the deadline for debt repayment nears.
PPI rose 0.5% in May, a bit more than had been predicted by analysts (0.4%). The index dropped by 0.4% in April. (Event A on the chart.)
Michigan Sentiment Index edged up from 90.7 in May to 94.6 in June, according to the preliminary estimate, exceeding the market expectations of a 91.3 reading. (Event B on the chart.)

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