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EUR/USD Falls as Draghi Speaks About Downside

April 4, 2012 by

EUR/USD fell today as the European Central Bank kept its main interest rate unchanged (event A on the chart) and Bank’s President Mario Draghi said that downside risks from the crisis are still exist (event C on the chart). US employment growth was in line with forecasts, while growth of services industry slowed more than expected.

ADP employment rose by 209k jobs in Mach from February, in line with analysts’ forecast of 205k. February figure was revised from 216k to 230k. (Event B on the chart.)

ISM services PMI fell from 57.3% in February to 56.0% in March. That’s below the forecast value of 56.9%, but still indicates expansion, albeit with slower pace. (Event D on the chart.)

Crude oil inventories increased by 9.0 million barrels last week and are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 1.5 million barrels and are in the upper limit of the average range. (Event E on the chart.)

EUR/USD for 2012-04-04

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