EUR/USD Down During Quiet Trading as Dollar Recovers

The US dollar was rebounding against its rivals today. That led to the drop of EUR/USD currency pair, which basically erased yesterday’s gains. The disappointing eurozone economic sentiment was not helping the matter either. Meanwhile, US manufacturing was surprisingly robust this month, bolstering the greenback further. Overall, though, trading was quiet as traders were lying in wait for the Jackson Hole Symposium later this week.
Richmond Fed manufacturing index stayed at 14 in August, unchanged from July. That surprised analysts, who were counting on a decrease to 11. (Event A on the chart.)
On Friday, a preliminary report on Michigan Sentiment Index was released, showing a jump from 93.4 in July to 97.6 in August. Forecasters had promised just a mild increase to 94.0. (Not shown on the chart.)

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