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EUR/USD Declines on Friday, Tries to Trim Losses

March 12, 2021 by

EUR/USD fell today after three consecutive sessions of gains. While the currency pair is trying to trim losses, for now, it is still heading to close below the opening level. Some market analysts explained the decline by the rising US yields, others by the struggle to subdue the COVID-19 pandemic in the European Union. As for US data, there were just a couple of reports released on Friday, and they were not particularly important ones, therefore they had little impact on the pair.

PPI rose by 0.5% in February on a seasonally adjusted basis. While it was a slowdown from January’s 1.3% rate of growth, the actual increase was slightly better than a 0.4% gain predicted by experts. (Event A on the chart.)

Michigan Sentiment Index climbed to 83.0 in March from 76.8 in February according to the preliminary estimate. The actual figure was far bigger than the 78.4 predicted by analysts. (Event B on the chart.)

Yesterday, a report on initial jobless claims was released, showing a drop to 712k last week from the previous week’s revised level of 754k (745k before the revision). Specialists had predicted a smaller decrease to 730k. (Not shown on the chart.)

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

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