EUR/USD Attempts to Resume Rally

EUR/USD rose today, attempting to resume its rally after yesterday’s drop. While today’s US GDP report looked good, some inflation readings were disappointing. And that is coming after just recently the Federal Reserve voiced concern about sluggish inflation. Additionally, another failure to repeal Obamacare added to worries about political turmoil in the United States. Meanwhile, eurozone economic data was good, helping the euro to gain on the dollar.
The first (advance) estimate of US GDP showed growth of 2.6% in Q2 2017, which was a bit faster than 2.5% predicted by experts. GDP rose 1.2% in Q1. (Event A on the chart.)
Michigan Sentiment Index fell from 95.1 in June to 93.4 in July according to the revised report. Analysts expected about the same reading as the preliminary 93.1. (Event B on the chart.)

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