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EUR/USD Little Changed Despite Negative Eurozone Data

February 6, 2020 by

EUR/USD traded about flat today, ignoring the unexpected decline of German factory orders. (Event A on the chart.) The currency pair got support from the positive market sentiment, caused by hopes for a cure for the Wuhan coronavirus and the reduction of Chinese tariffs on US goods. US economic reports came out better than was expected.

Nonfarm productivity increased by 1.4% in Q4 2019 versus the forecast rise of 1.6%. The indicator fell by 0.2% in Q3. (Event B on the chart.)

Initial jobless claims were at the seasonally adjusted level of 202k last week, down from the previous week’s revised level of 217k. Analysts had predicted a far smaller decrease to 215k. (Event B on the chart.)

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

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