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EUR/USD Retreats After Reaching Highest Since February

June 13, 2013 by

EUR/USD climbed to the highest level since February today, but retreated later. The drop was caused by good reports from the United States that supported the outlook for an end to Federal Reserve’s quantitative easing.

Retail sales rose 0.6% in May. Growth was faster than expected (0.4%) and above the April’s rate of 0.1%. (Event A on the chart.)

Initial jobless claims fell from 346k to 334k last week. It was rather pleasant surprise as analysts’ have predicted an increase to 354k. (Event A on the chart.)

Import and export prices fell in May. Import prices declined 0.6%, while no change was expected. The April drop was revised from 0.5% to 0.7%. Export prices dropped 0.5% last month following the decline of 0.7%. (Event A on the chart.)

Business inventories expanded 0.3% in April, exactly as was predicted. The March’s change was revised from 0.0% to -0.1%. (Event B on the chart.)

EUR/USD for 2013-06-13

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