EUR/USD Remains Under Pressure from Greek Problems

EUR/USD declined today as Greece requested a new bailout from the European Stability Mechanism. The currency pair attempted to rebound after the disappointing US economic reports but retreated following the release of the better-than-expected consumer confidence index.
S&P/Case-Shiller home price index rose 2.0% in April from a month ago and 4.9% on a year-over-year basis. The annual growth was smaller than the predicted 5.3% and the March’s increase of 5.0%. (Event A on the chart.)
Chicago PMI rose to 49.4 in June from 46.2 in May, trailing the average analyst’ estimate of 50.2. (Event B on the chart.)
Consumer confidence increased to 101.4 in June, exceeding the forecast value of 97.1. The May’s reading received a negative revision from 95.4 to 94.6. (Event C on the chart.)

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