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EUR/USD at 8-Month High

October 3, 2013 by

EUR/USD jumped to the highest level since February 4 today as growth of US service sector disappointed and the budget impasse continued to worry traders. It is unlikely now that quantitative easing tampering will happen in 2013 and such outlook weakened the dollar further. The US currency tried to bounce after the surprisingly good report about unemployment claims, but failed. There will be no macroeconomic releases tomorrow as government reports were canceled due to the government shutdown.

Initial jobless claims were at 308k last week, almost unchanged from the previous week’s 307k. The actual reading was much better than the forecast increase to 315k. (Event A on the chart.)

ISM services PMI edged down from 58.6% to 54.4% in September. Analysts have anticipated a smaller drop to 57.2%. (Event B on the chart.)

EUR/USD for 2013-10-03

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