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EUR/USD Retains Bearish Momentum

July 30, 2015 by

The dollar was broadly higher against other currencies, including the euro, following yesterday’s release of the Federal Reserve policy statement. It looks like traders considered the Fed’s stance to be hawkish enough to continue betting on a September interest rate hike. Today’s report about US economic growth did not change that outlook, even though it was a bit below expectations.

US GDP rose 2.3% in Q2 2015, missing the average analysts’ forecast of 2.6%. Still, it was far better than the growth by 0.6% in Q1 (revised from the reading of -0.2%). (Event A on the chart.)

Seasonally adjusted initial jobless claims rose from 255k to 267k last week, matching expectations. (Event A on the chart.)

EUR/USD for 2015-07-30

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