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EUR/USD Climbs for Second Day

April 12, 2012 by

EUR/USD rose for the second day today, though it retreated a little after a report showed that the US trade deficit shrank more than expected. Additionally, some members of the Federal Reserve signaled that quantitative easing is still possible. Rising jobless claims and stalling PPI supported the case for further easing.

PPI showed no change in March, while an increase by 0.3% was predicted by analysts. The index was up 0.4% in February. (Event A on the chart.)

Trade balance deficit fell to $46.0 billion in February from $52.5 billion in January. The expected value was $51.9 billion. (Event A on the chart.)

Initial jobless claims edged up from 367k (revised from 357k) to 380k, seasonally adjusted, last week. The report frustrated forecasters who expected a decrease to 355k. (Event A on the chart.)

EUR/USD for 2012-04-12

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