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EUR/USD Stronger After ECB Meeting

December 5, 2013 by

EUR/USD jumped today after the European Central Bank kept monetary policy unchanged and ECB President Mario Draghi did not hint at possibility of negative interest rates at the press-conference. (Event A on the chart.) Draghi surprised the market at the previous meeting, cutting interest rates unexpectedly. The currency pair was under pressure from very positive US data, but remains strong for now.

US GDP expanded 3.6% in the third quarter of 2013, accelerating from the previous quarter’s growth of 2.5%. The value exceeded both the advance estimate (2.8%) and the analysts’ expectations (3.0%). (Event A on the chart.)

Initial jobless claims fell from 321k (revised up from 316k) to 298k last week. The consensus forecast was at 328k. (Event A on the chart.)

Factory orders were down 0.9% in October, matching expectations, following the 1.8% increase in September. (Event B on the chart.)

EUR/USD for 2013-12-05

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