Yesterday was the day of dollar when comments from US officials, especially from Fed's Plosser, helped dollar to appreciate significantly. Euro was among victims when depreciated almost one percent against dollar. So it was a question to me that to what degree the new data could affect Euro today.
French consumer spending declined 0.4 percent and Industrial New Orders dropped 3.5 percent in May which was 2.5 percent more than analysts' estimates. As the chart shows, the yesterday negative reaction didn't change the expected result from the new reports. Euro depreciated nearly 0.7 percent against dollar through the day.
So at least in this case it seems that one could bet against the currency despite its recent sharp drop.
French consumer spending declined 0.4 percent and Industrial New Orders dropped 3.5 percent in May which was 2.5 percent more than analysts' estimates. As the chart shows, the yesterday negative reaction didn't change the expected result from the new reports. Euro depreciated nearly 0.7 percent against dollar through the day.
So at least in this case it seems that one could bet against the currency despite its recent sharp drop.
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