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EUR/USD at Weekly High After Jobless Claims Surge to Historic Record

March 26, 2020 (Last updated on March 27, 2020) by

EUR/USD was rising today and touched the highest level in a week after US jobless claims reached the highest level on a record. Federal Reserve Chairman Jerome Powell predicted a recession in the United States but his comments had little impact on the currency pair.

As a result of the coronavirus pandemic, initial jobless claims surged to the seasonally adjusted level of 3,283k last week from the previous week’s revised value of 282k. The actual reading was far worse than analysts’ forecasts of 1,648k. Furthermore, it was the highest level in the history of the seasonally adjusted series. (Event A on the chart.)

US GDP rose by 2.1% in Q4 2019 according to the third and final estimate. It was unchanged from the preliminary estimate and the previous quarter’s rate of growth. (Event A on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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