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EUR/USD Slumps as US Economy Expands, Jobless Claims Fall

August 29, 2013 by

EUR/USD sank today, extending yesterday’s losses, as the US economy expanded faster than was expected, while unemployment claims declined. The situation with Syria continued to push the currency pair down too, making the dollar more appealing than the euro in the environment of risk aversion.

GDP growth accelerated to 2.7% in the second quarter of 2013 from 1.1% in the first quarter, according to the preliminary (second) estimate. The forecasts were at 2.2% and the advance (first) estimate was at 1.7%. (Event A on the chart.)

Initial jobless claims fell from 337k to 331k last week, matching analysts’ forecasts. (Event A on the chart.)

EUR/USD for 2013-08-29

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