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EUR/USD Recovers, Still Remains Week

April 7, 2011 by

EUR/USD slumped earlier this trading session and now gradually recovers. The euro was boosted as the European Central Bank raised its target lending rate by 25 basis points to 1.25% (Event A on the chart.), but the impact of the rates hike was muted as Portugal joined Greece and Ireland in seeking a bailout. EUR/USD trades now at 1.4306 after falling earlier as low as 1.4243.

Initial jobless claims from 392k to 382k last week, being near the analysts’ forecasts of 385k. (Event B on the chart.)

Consumer credit grew by $7.6 billion in February from $4.4 billion in January. That’s rather better than was expected by traders, who awaited growth by $4.8 billion. (Event C on the chart.)

EURUSD for 2011-04-07

If you have any comments on the recent EUR/USD action, please, reply using the form below.

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