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EUR/USD Surges as ECB Refrains from Interest Rate Cut

January 10, 2013 by

EUR/USD soared today after the European Central Bank kept interest rates unchanged (event A on the chart) and bank’s President Mario Draghi said that he expects the European economy to improve in 2013 (event B on the chart). The news from Europe added to optimism caused by the good trading data from China, driving the dollar down. The news from the United States was not that favorable as unemployment claims unexpectedly rose.

Initial jobless claims rose from 367k (revised from 372k) to 371k last week on a seasonally adjusted basis, frustrating analysts who have expected a drop to 361k. (Event B on the chart.)

Wholesale inventories rose 0.6% in November, beating the analysts’ estimate of 0.2% The October change was revised down from 0.6% to 0.3%. (Event C on the chart.)


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