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EUR/USD Resumes Rally After Small Pause

April 11, 2013 by

EUR/USD resumed its rally today after a small drop yesterday. Italian and Spanish borrowing costs declined, signaling that traders are less worried about the financial crisis in the eurozone. Falling jobless claims in the United States added to risk appetite.

Initial jobless claims were at the seasonally adjusted rate of 346k last week. The figure was below the forecast of 362 and the previous week’s rate of 388k. (Event A on the chart.)

Import and export prices fell in March. Import prices declined 0.5%, matching forecasts, after rising 0.6% in February (revised from 1.1%). The drop was led by fuel prices. Export prices ticked down 0.4% last month following the 0.7% increase in the prior month. (Event A on the chart.)

EUR/USD for 2013-04-11

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