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EUR/USD Retreats from Highs

October 9, 2014 by

EUR/USD was rising today, reaching the highest level since September 24, but was unable to keep gains and retreated. Mario Draghi, President of the European Central Bank, added to the currency’s weakness, saying that there is need to lift inflation from “excessively low level”. (Event C on the chart.) Experts speculated that the ECB is left with few instruments to affect inflation except for the exchange rate.

Initial jobless claims were at 287k last week, little changed from the previous week’s revised rate of 288k, while experts predicted an increase to 291k. (Event A on the chart.)

Wholesale inventories expanded 0.7% in August, while analysts expected the same 0.3% rate of growth as in the previous month. (Event B on the chart.)

EUR/USD for 2014-10-09

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