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EUR/USD Touches Highest Level Since October

March 31, 2016 by

EUR/USD extended its rally to the fourth consecutive day, rising to the highest level since October 15. The unexpected increase of jobless claims makes it even harder for the dollar to halt its decline versus the euro. The US currency firmed a bit after the big jump of the Chicago Business Barometer but the greenback still remains very vulnerable.

Seasonally adjusted initial jobless claims climbed to 276k last week from 265k the week before while analysts had expected the indicator to stay almost unchanged. (Event A on the chart.)

Chicago PMI jumped from 47.6 to 53.6 in March. The average forecasters’ estimate was pointing at 50.5 as a possible figure. (Event B on the chart.)

EUR/USD as of 2016-03-31

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