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EUR/USD Extends Drop as Market Digest Draghi’s Comments

February 8, 2013 by

EUR/USD extended its drop today, but its size was nowhere near the yesterday’s sharp decline. The market is still digesting comments of European Central Bank President Mario Draghi, who said that the strong currency hurts the European economy. Today’s news from the United States was good as the deficit of the trade balance shrank more than was expected.

US trade balance deficit narrowed to $38.5 billion in December, down from the revised $48.6 billion in November. It was expected to be little changed at $45.7 billion. (Event A on the chart.)

Wholesale inventories fell 0.1% in December from November, when they grew 0.4% (revised from 0.6%). Analysts have expected growth by 0.5%. (Event B on the chart.)

EUR/USD for 2013-02-08

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