EUR/USD

Growth momentum: The previous 54.5 reading was the benchmark, so the move came from how the new release changed that trend. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For FX, that feeds rate differentials and the dollar leg.

Inflation repricing: Actual 2.3% matched the 2.3% forecast, so the move came more from positioning, revisions or the details. Inflation data changes how restrictive central banks may need to stay, so rates and currencies can move quickly. For FX, that feeds rate differentials and the dollar leg.

External balance: Actual 19.1B beat the 14.9B forecast, forcing a stronger macro repricing. Trade and current-account data affect currency demand, growth mix and cross-border capital-flow expectations. For FX, that feeds rate differentials and the dollar leg.

External balance: Consensus looked for -78.80B versus -55.90B previously, setting up a cooler expected print. Trade and current-account data affect currency demand, growth mix and cross-border capital-flow expectations. For FX, that feeds rate differentials and the dollar leg.

Labor-market signal: The previous 30.75K reading was the benchmark, so the move came from how the new release changed that trend. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For FX, that feeds rate differentials and the dollar leg.

Growth momentum: Consensus looked for 50.2 versus 49.4 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For FX, that feeds rate differentials and the dollar leg.