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EUR/USD Down Despite ECB Decision and U.S. Jobless Report

January 15, 2009 by

EUR/USD traded near its open price for the first half of the day today but after the ECB decision to cut the rate by only 50 basis points — from 2.5% to 2% and saying that it’s not going to go lower during the next meeting, the euro gained momentum and rose a little. Nevertheless after several fundamental reports went out in U.S. EUR/USD went down significantly and is now trading near 1.3088.

PPI fell by 1.9% (the same as the analysts expected) in December after losing 2.2% in November.

Initial jobless claims were at 524k last week — up from 470k a week before and greater than 501k expected by the market analysts.

NY Empire State Manufacturing Index went up from -25.76 to -22.2 in January, while it was expected to remain almost unchanged at -25.

Philadelphia Fed Index rose from -36.1 to -24.3 in January. The average forecast for this index was at -35 for this month.

One Response to “EUR/USD Down Despite ECB Decision and U.S. Jobless Report”

  1. Yohay

    Yup, the data was either expected or balanced. ECB’s rate decision was a non event.


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