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EUR/USD Rises as US Manufacturing Growth Slows

April 21, 2011 by

EUR/USD jumped today, weakened later and now attempts to regain its strength. The fundamentals supported this move as the growth of the US manufacturing sector slowed significantly and the unemployment claims decreased less than forecast. The leading index was still positive, though. EUR/USD trades at about 1.4568 now after rising earlier as high as 1.4647.

Initial jobless claims went down from 416k to 403k last week. Analysts pointed at 394k as possible reading. (Event A on the chart.)

Philadelphia Fed Manufacturing Index slumped from 43.4 in March to 18.5 in April, instead of an expected 37.1. The manufacturing activity continued to grow, but with much slower pace. (Event B on the chart.)

US leading indicators rose 0.4% in March, slightly above the forecast value of 0.3%. The growth in February was at the 1.0% rate. (Event B on the chart.)

EURUSD for 2011-04-21

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