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EUR/USD Extends Decline for Third Session

February 16, 2016 (Last updated on February 17, 2016) by

EUR/USD declined for the third straight session on Tuesday as prospects for monetary easing from the European Central Bank in March were weighing on the common currency of the eurozone. Yet the drop was limited today as market participants were in doubt regarding the ability of the Federal Reserve to continue its monetary tightening. Talking about the Fed, it is going to release the minutes of its January meeting tomorrow, and traders hope that the notes will help shed light on the plans of the bank’s voting members.

NY Empire State Index improved from -19.4 to -16.6 in February but failed to reach the -10.5 level predicted by analysts. (Event A on the chart.)

Net foreign purchases were at -$29.4 billion in December. The actual reading was nowhere near the one predicted by experts — $30.2 billion. The indicator showed $31.4 billion in the preceding month. (Event B on the chart.)

EUR/USD as of 2016-02-16

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