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EUR/USD Down on Draghi’s Comments

February 8, 2013 by

EUR/USD slipped as European Central Bank President Mario Draghi said that the recent sharp rally of the euro may hurt the eurozone economy. The ECB left its monetary policy unchanged yesterday, making no surprise for the Forex market. But the comments of Draghi worried traders, especially after his previous optimistic promises of economic recovery.

Initial jobless claims fell from 371k to 366k last week. The median forecast was 361k. (Event A on the chart.)

Nonfarm productivity fell 2.0% on an annual basis in the fourth quarter of 2012, compared with expectations of a 1.3% drop. The previous reading was revised from an increase of 1.9% to 2.9%. (Event A on the chart.)

Consumer credit rose $14.6 billion in December from November, when it grew $15.9 billion. The actual increase was somewhat above the forecast $14.1 billion. (Event B on the chart.)

On Wednesday, a report on crude oil inventories was released, showing an increase by 2.6 million barrels, in line with forecasts, and a rise of of total motor gasoline inventories by 1.7 million barrels last week. (Not shown on the chart.)

EUR/USD_2013-02-07

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