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EUR/USD Down as Concerns Return to FX Market

February 2, 2012 by

EUR/USD was down today as talks between Greece and its creditors continue without any real result, making traders think that an outcome of the discussion will be unfavorable. Additionally, there is speculation that measures proposed on the last EU summit won’t be enough to end the European credit crisis. US jobless claim fell last week more than was expected, easing worries that were caused by yesterday’s worse-than-predicted employment data.

Initial jobless claims dropped from 379k to 367k last week. That’s a good figure compared to the average forecast of 373k. (Event A on the chart.)

Nonfarm productivity increase at an annual rate of 0.7% in the fourth quarter of 2011 according to the preliminary estimate. That’s compared to the forecast value of 1.0% and the previous of reading of 1.9% (revised from 3.1%). (Event A on the chart.)

EUR/USD for 2012-02-02

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