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EUR/USD Up as Eurozone CPI Grows, US Factory Orders Drop

March 31, 2011 by

EUR/USD recovered after the previous decline on today’s trading session as the Eurozone consumer prices grew, while the US jobless claims and factory orders posted worse-than-expected results. The inflation in Eurozone rose 2.6% in March. (Event A on the chart.) The currency pair was rising since the beginning of this week and economists think that traders digested the problems in Greece, Ireland and Portugal, so now only bad news from other European countries can have noticeable impact on their sentiment. EUR/USD trades at 1.4183 now.

Initial jobless claims was 388k (seasonally adjusted) in the week ending March 26. That’s lower than the previous week’s revised figure of 394k, but above the forecast value of 379k. (Event B on the chart.)

Chicago PMI was at 70.6 in March, slightly above the predicted reading of 70.1. The index was down from 71.2 in February, but still indicates increasing economic activity. (Event C on the chart.)

Factory orders decreased 0.1% in February, following three consecutive increases in the previous months, including the increase by 3.3% in January. Forecasts promised a growth by 0.7%. (Event D on the chart.)

EURUSD for 2011-03-31

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