EUR/USD attempted to rally today but failed to keep gains after upbeat US economic data. The unexpectedly poor consumer sentiment index did not help the currency pair much. In fact, the dollar was heading to the biggest weekly gains against the euro since May.
Housing starts and building permits rose in June. Housing starts increased to the seasonally adjusted annual rate of 1.17 million from the revised 1.07 million in May. Building permits were up to 1.34 million from the revised 1.25 million. The median forecast was at about 1.10 million for both indicators. (Event A on the chart.)
CPI rose 0.3% in June, matching forecasts exactly, after increasing 0.4% in the prior month. (Event A on the chart.)
Preliminary estimate of Michigan Sentiment Index showed an unexpected drop from 96.1 in June to 93.3 in July. No change was anticipated by experts. (Event B on the chart.)
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