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EUR/USD at New Lows After Draghi Speaks

March 5, 2015 by

EUR/USD dropped to a fresh low today after Mario Draghi, President of the European Central Bank, said that the ECB will start asset purchases on Monday and will continue to buy bonds till September 2016 or longer if necessary. (Event A on the chart.) The announcement made the currency pair weaker even though economic news from the United States was not supportive to the dollar.

Initial jobless claims rose from 313k to 320k last week. It was a frustrating surprise to analysts who predicted a decrease to 293k. (Event A on the chart.)

Nonfarm productivity fell 2.2% in Q4 2014. The indicator was down 1.8% in Q3. (Event A on the chart.)

Factory orders fell 0.2% in January instead of rising at the same rate as forecasters have promised. Orders tumbled 3.5% in the previous month. (Event B on the chart.)

EUR/USD for 2015-03-05

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