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EUR/USD Resumes Decline

December 31, 2014 by

While EUR/USD halted its drop yesterday, the currency pair resumed its decline today. Economic data from the United States was not particularly supportive for the US currency during the current trading session, but this did not prevent the dollar from gaining on the euro.

Initial jobless claims rose from 281k to 298k last week, exceeding market expectations of 287k. (Event A on the chart.)

Chicago PMI dropped from 60.8 in November to 58.3 in December, the lowest level in five months. Market participants counted on a smaller drop to 60.2. (Event B on the chart.)

Pending home sales grew 0.8% in November after falling 1.2% in October. The median forecast was at 0.6%. (Event C on the chart.)

US crude oil inventories decreased by 1.8 million barrels last week after expanding by 7.3 million the week before but remained well above the upper limit of the average range for this time of year. Forecasters promised an increase by 0.2 million. Total motor gasoline inventories increased by 3.0 million barrels and are well above the upper limit of the average range. (Event D on the chart.)

EUR/USD for 2014-12-31

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