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EUR/USD Surges Upward After Draghi’s Comments

March 6, 2014 by

EUR/USD soared today after the European Central Bank refrained from adding monetary stimulus and ECB President Mario Draghi said that inflation “should gradually increase and reach levels closer to 2%”, reducing chances for additional monetary accommodation. (Event A on the chart.) The currency pair advanced despite the positive US unemployment claims report.

Seasonally adjusted initial joblesss claims fell 349k to 323k last week. The drop was bigger than the predicted decline to 336k. (Event A on the chart.)

Nonfarm productivity rose 1.8% in Q4 2013. This is compared to the consensus forecast of 2.6% and the 3.2% increase in Q3 2013. (Event A on the chart.)

Factory orders fell 0.7% in January after declining 2.0% in December. Analysts predicted decline by 0.4% ahead of the official release. (Event B on the chart.)

EUR/USD-2014-03-06

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