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EUR/USD Rises Despite Falling US Jobless Claims

August 13, 2020 by

EUR/USD was rising today. While the rally has stalled at the moment, the currency pair is still trading far above the opening level despite the unexpected fall in US jobless claims. Market analysts provided various possible reasons for the rally, including squabbling of US politicians over a stimulus package and the fact that despite the previous threats the United States refrained from slapping tariff hikes on EU imports in retaliation to Airbus subsidies.

Initial jobless claims were at a seasonally adjusted level of 963k last week, down from the previous week’s revised level of 1,191k (1,186k before the revision). Analysts had predicted the indicator to be little changed at 1,120k. (Event A on the chart.)

Import and export prices rose in July. Import prices increased by 0.7%, in line with the consensus forecast of a 0.6% increase, after falling by 1.4% in June. Export prices increased by 0.8% after rising by 1.2% in the previous month. (Event A on the chart.)

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