EUR/USD Trims Gains Despite Slow US Economic Growth

EUR/USD rallied today following the release of data that showed a surge of eurozone inflation this month. (Event A on the chart.) The currency has trimmed its gains by now despite a report showed that US economic growth slowed last quarter more than was expected.
US GDP rose 0.7% in Q1 2016 according to the advance estimate, demonstrating the slowest rate of growth in three years. That is compared to the median forecast of 1.3% and the previous quarter’s revised growth of 2.1%. (Event B on the chart.)
Chicago PMI climbed from 57.7 in March to 58.3 in April instead of falling to 56.9 as analysts had forecast. (Event C on the chart.)
Michigan Sentiment Index was at 97.0 in April according to the revised estimate, almost the same as March’s 96.9. Experts had promised a reading near the preliminary value of 98.0. (Event D on the chart.)

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