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EUR/USD Retreats as EU Summit Commences

October 18, 2012 by

EUR/USD pulled back today, following the two-day rally. The European Union economic summit is held today, giving hopes for euro bulls. The US data was mixed today. Jobless claims rose more than expected, but the manufacturing index was surprisingly good.

Initial jobless claims went up from 342k to 388k last week. The jump was much bigger than analysts have anticipated as the forecast figure was just 367k. (Event A on the chart.)

Philadelphia Fed manufacturing index picked up from -1.9 to 5.7 in October. That was the first positive reading since April. Forecasters have hoped for a moderate increase to 1.3. (Event B on the chart.)

Leading indicators rose 0.6% in September, compared to the market expectations of 0.1%. The August change was revised from -0.1% to -0.4%. (Event B on the chart.)

EUR/USD for 2012-10-18

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