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EUR/USD Continues March Upward

April 16, 2015 by

EUR/USD extended its upward move during the current trading session as most of today’s economic reports from the United States missed expectations. The better-than-expected manufacturing indicator made the currency pair pause the rally, yet it looks like the euro is ready to resume its march upward against the dollar now.

Housing starts and building permits for March came out weaker than market participants were anticipating. Housing starts increased a bit to the seasonally adjusted annual rate of 926k last month from 908k in February but were still below the projected figure of 1.05 million. Building permits fell to 1.039 million from 1.102 million, missing the forecast value of 1.08 million. (Event A on the chart.)

Initial jobless claims increased from 282k to 294k last week, exceeding the average analysts’ estimate of 284k. (Event A on the chart.)

Philadelphia Fed manufacturing index increased from 5.0 in March to 7.5 in April, rising above the figure of 6.5 predicted by experts. (Event B on the chart.)

EUR/USD for 2015-04-16

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