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EUR/USD Trims Gains as US Data Surprises Positively

April 17, 2014 by

EUR/USD was rising today as dovish comments of US policy makers sent the dollar down. The currency pair gave away about 50% of its gains after US macroeconomic reports turned out to be much better than was expected, suggesting that the US economy is healthy and may survive without excessive monetary accommodation. Such view is positive for the greenback and negative for the euro.

Initial jobless claims rose only marginally from 302k to 304k last week. Economists were expecting a bigger increase to 316k. (Event A on the chart.)

Philadelphia Fed manufacturing index climbed from 9.0 in March to 16.6 in April, exceeding the forecast figure of 9.6 by a wide margin. (Event B on the chart.)

EUR/USD-2014-04-17

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