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EUR/USD Continues Move Down

May 19, 2016 (Last updated on May 20, 2016) by

EUR/USD continued to decline today following yesterday’s sharp drop, though today’s decline was far smaller. US economic data was not particularly good, but this did not prevent market participants from speculating about a potential interest rate hike from the Federal Reserve.

Philadelphia Fed manufacturing index was at -1.8 in May, down from -1.6 in April. The actual reading was far from analysts’ forecasts of 3.2. (Event A on the chart.)

Initial jobless claims fell from 294k to 278k last week, in line with forecasts of 276k. (Event A on the chart.)

Leading indicators rose 0.6% in April — a bigger increase than 0.4% predicted by analysts. The previous month’s reading was revised from the increase by 0.2% to a zero change. (Event B on the chart.)

EUR/USD as of 2016-05-19

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