EUR/USD Rallies on Monday, Ends Session Trimming Gains

EUR/USD rallied on Monday, though trimmed gains by the end of the trading session. Analysts pointed at the slump of the Empire State Manufacturing Index as one of the possible reasons for the rally, but the currency pair actually halted its upward movement after the release.
NY Empire State Index tumbled from 17.8 in May to -8.6 in June. That was a total surprise to analysts, who had expected a much smaller decrease to 12.1. (Event A on the chart.)
Net foreign purchases were at $46.9 billion in April. That is compared to the medium forecast of $30.8 billion. The March value got a revision from -$28.4 billion to -$25.9 billion. (Event B on the chart.)

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