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EUR/USD Rises as EU Summit Begins

March 24, 2011 by

EUR/USD reversed its two-day decline and advanced today as the two-day summit of the European Union leaders has begun today at Brussels. The summit is expected to provide some resolution to the debt problems of the European peripheral economies. The unexpected decline of the durable goods orders could’ve also helped the currency pair to advance, but the decreasing unemployment claims may limit gains. EUR/USD trades now at 1.4131.

Initial jobless claims dropped to 382k last week from the previous week’s revised figure of 387k. That’s compared to market expectations of 382k. (Event A on the chart.)

Durable goods orders decreased 0.9% in February, following the 3.9% increase in January. That was the fourth decrease in the last five months. Such turn of evens was unexpected and unpleasant as forecasts promised an increase by 1.2%. (Event A on the chart.)

EURUSD for 2011-03-24

If you have any comments on the recent EUR/USD action, please, reply using the form below.

One Response to “EUR/USD Rises as EU Summit Begins”

  1. Erwan

    It’s long for me in UT4H. Target 1,4245 and then maybe a consolidation.

    Reply

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