EUR/USD dropped today as bad economic reports from Europe & China made traders flock to the safety of the US currency. The currency pair did not fall far, though, and trimmed its losses as data from the United States was not particularly good as well.
Flash Markit manufacturing PMI was at 53.8 in July (seasonally adjusted), near the June’s figure of 53.6 and the forecast reading of 53.7. (Event A on the chart.)
New home sales were at the seasonally adjusted annual rate of 482k in June. It was an unexpectedly poor reading as analysts counted on the value of 543k. What is more, the May’s reading was revised from 546k to 517k. (Event B on the chart.)
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