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EUR/USD Continues to Descend

July 16, 2015 by

EUR/USD extended its move down today, following yesterday’s drop, as traders continue to anticipate an interest rate hike from the Federal Reserve in 2015. Economic data released from the United States during the Thursday’s trading session was mixed. Meanwhile, the European Central Bank announced that it is leaving its monetary policy unchanged but increased the emergency lending for Greece.

Initial jobless claims fell from 294k to 281k last week, being not far from the 284k level predicted by analysts. (Event A on the chart.)

Philadelphia Fed manufacturing index sank from 15.2 in June to 5.7 in July. The actual reading was far worse than the forecast 11.9. (Event B on the chart.)

Net foreign purchases were at $93.0 billion in May. This compared to the forecast figure of $30.3 billion and the previous month’s value of $54.4 billion. (Event C on the chart.)

EUR/USD for 2015-07-16

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