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EUR/USD Fails to Rally After ECB Policy Announcement

March 12, 2020 by

EUR/USD was falling today amid persisting coronavirus fears and after US President Donald Trump announced a travel ban for Europeans. The currency pair attempted to rally after the European Central Bank expanded quantitative easing but kept interest rates unchanged. (Event B on the chart.) But the rally was extremely short-lived, and the pair is currently trading below the opening level. US macroeconomic reports were mixed today, failing to drive the EUR/USD pair in any particular direction.

US PPI dropped 0.6% in February, seasonally adjusted. That is compared with a 0.1% drop predicted by analysts. The index rose by 0.5% in the previous month. (Event A on the chart.)

Seasonally adjusted initial jobless claims were at 211k last week, down from the previous week’s revised level of 215k, whereas analysts had predicted an increase to 219k. (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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