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EUR/USD Volatile After Fed, ECB Minutes

August 20, 2020 by

EUR/USD started Thursday’s moving sideways but volatility started to increase after a while as the currency pair was swinging between gains and losses. Currently, the pair trades above the opening level. Monetary policy minutes from both the Federal Reserve and the European Central Bank were rather cautious but they did not reveal anything to drive markets in the longer term. While markets reacted strongly to yesterday’s Fed minutes, today’s ECB minutes barely had any impact.

Philadelphia Fed manufacturing index fell to 17.2 in August from 24.1 in the previous month, below the forecast level of 21.0. (Event A on the chart.)

Initial jobless claims rose to a seasonally adjusted level of 1,106k last week from the previous week’s revised level of 971k (963k before the revision). That surprised analysts who were anticipating a decline to 930k. (Event A on the chart.)

Leading indicators rose 1.4% in July, exceeding the consensus forecast of a 1.0% increase. The previous month’s gain got a substantial positive revision from 2.0% to 3.0%. (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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