FXStreet (Córdoba) – After a muted reaction to GDP downward revision, the US dollar started to feel the pressure and fell to fresh daily lows against the euro.
EUR/USD climbed to a daily high of 1.1000, following a mixed bag of US data. While US GDP growth was revised to -0.7% in the Q1, May Chicago PMI dropped to 46.3, missing expectations of 53.0 and Reuters/Michigan consumer sentiment index came in at 90.7, above the 89.9 of consensus.
However, EUR/USD lacked momentum to decisively break above the 1.10 mark and pulled back slightly to currently trade at 1.0990, still up 0.45% on the day.
The euro is on track to post its third daily gain in a row, extending a recovery from a 1-month low of 1.0818, although it will need to close above 1.1014 to completely erase weekly losses.
(Market News Provided by FXstreet)