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EUR/USD Erases Losses on Hopes for ECB

April 30, 2013

EUR/USD reversed previous losses today on hopes that the European Central Bank will stimulate the economy. The ECB will announce its monetary policy decision on May 2. Earlier, the currency pair dropped as the eurozone unemployment rate reached a record 12.1% in March. (Event A on the chart.)

S&P/Case-Shiller home price index rose from 147.97 in January to 149.8 in February. On year-over-year basis, the index grew 9.4%, compared to the forecast of 9.1% and the January growth by 8.1%. (Event B on the chart.)

Chicago PMI unexpectedly dropped from 52.4 in March to 49.0 in April. Market participants have thought it to stay at 52.2. (Event C on the chart.)

Consumer confidence rose from 61.9 in March to 69.1 in April instead of falling to 61.4 as was expected by specialists. (Event D on the chart.)

EUR/USD for 2013-04-30

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