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EUR/USD Falls as Traders Wait for Outcome of US Stimulus Talks

October 22, 2020 by

EUR/USD fell today after rising every single session this week. Some market analysts speculated that better-than-expected US jobs data helped the dollar to gain on the euro. But the currency pair actually bounced after the release, though the rebound was short-lived.

Initial jobless claims were at a seasonally adjusted level of 787k last week, down from the previous week’s revised level of 842k (898k before the revision). That is instead of rising to 860k as analysts had predicted. (Event A on the chart.)

Leading indicators rose by 0.7% in September, missing the median forecast of a 0.8% increase slightly. The previous month’s gain got a positive revision from 1.4% to 1.2%. (Event B on the chart.)

Existing home sales increased to a seasonally adjusted annual rate of 6.54 million in September from 5.98 million in the previous month, exceeding the average forecast of 6.20 million. (Event B on the chart.)

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