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EUR/USD Drops Following Another Disastrous Week of Growth in Initial Jobless Claims

April 2, 2020 by

As the COVID-19 pandemic continues to wreak havoc on the US employment, the relevant macroeconomic indicators surprise even pessimistic traders. Although EUR/USD was in a slow downtrend during the early trading session today, it declined sharply following the release the US fundamentals.

Initial jobless claims doubled to 6,648k during the week ending March 28. The forecasts were for a “moderate” increase to 3,600k. There were 3,307k initial unemployment claims during the previous week (revised up from 3,283k). (Event A on the chart.)

US trade balance deficit shrank to from $45.5 billion to $39.9 billion in February. The median forecast for the trade balance deficit was at $40.6 billion. (Event A on the chart.)

Factory orders stayed flat in February following a 0.5% decrease in January. A small growth by 0.2% was expected by market participant. (Event B on the chart.)

EUR/USD as of 2020-04-02

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