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EUR/USD Consolidates, Retreating After Rally

January 14, 2016 by

EUR/USD edged higher today, but the rally was limited by minutes of the European Central Bank’s latest policy meeting. They showed that European policy makers are willing to add more stimulus to boost inflation. Turning to US economic data released during the current trading session, unemployment claims unexpectedly rose last week while import and export prices dropped last month. Currently, EUR/USD is consolidating but demonstrates downward bias.

Initial jobless claims inched up from 277k to 284k last week instead of heading down to 275k as was predicted by specialists. (Event A on the chart.)

Import prices went down 1.2% in December after falling 0.5% in November. Forecasters had predicted a 1.4% drop. Export prices dropped 1.1% following the decline by 0.7% the month before. (Event B on the chart.)

EUR/USD as of 2016-01-14

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