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EUR/USD Dips as Bernanke Sees Improvement of Job Market

February 29, 2012 by

EUR/USD slumped today after Federal Reserve Chairman Ben Bernanke said in his comments today that there are positive developments in the US labor market. (Event C on the chart.) The comments followed the set of positive macroeconomic reports, including the preliminary report that showed US economy growing more than was previously estimated.

US GDP expanded 3.0% in the fourth quarter of 2011, according to the preliminary estimate, while analysts expected that the value would be unrevised from the advance estimate of 2.8%. The US economy grew 1.8% in the third quarter of the previous year. (Event A on the chart.)

Chicago PMI rose to 64.0 in February to 60.2 in January. The median forecast was 61.6. (Event B on the chart.)

Crude oil inventories increased by 4.2 million barrels and total motor gasoline inventories decreased by 1.6 million barrels last week. (Event D on the chart.)

EUR/USD for 2012-02-29

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