EUR/USD attempted to rally today after US retail sales disappointed. Yet the currency pair was unable to hold onto gains and retreated very quickly.
US retail sales fell 0.2% in February from January instead of rising 0.3% as analysts had predicted. The January increase got a significant positive revision from 0.2% to 0.7%. (Event A on the chart.)
Markit manufacturing PMI was at 52.4 in March, down from 53.0 in February, according to the final estimate. The actual reading was not far from market expectations and the preliminary reading of 52.5. (Event B on the chart.)
Meanwhile, ISM manufacturing PMI registered an increase to 55.3% in March from 54.2% in February. (Event C on the chart.)
Business inventories rose 0.8% in January from December, the same as in the previous month (revised up from 0.6%). Experts had forecast an increase by just 0.4%. (Event C on the chart.)
Construction spending rose 1.0% in February from January, much more than economists had predicted — 0.1%. Moreover, the January increase got a positive revision from 1.3% to 2.5%. (Event C on the chart.)
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