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Fifth Day of Losses for EUR/USD

March 24, 2016 by Vladimir Vyun

EUR/USD declined today, extending its losing streak for the fifth straight day. Economic data released from the United States over Thursday was not particularly good. Yet the outlook for monetary tightening from the Federal Reserve helped the dollar to weather the negative impact of the unfavorable reports. Many markets will be closed tomorrow for Good Friday, therefore trading should be quiet.

Initial jobless claims were at the seasonally adjusted level of 265k last week, not far from the average forecast of 267k. The prior week’s reading was revised from 265k down to 259k. (Event A on the chart.)

Durable goods orders fell 2.8% in February. That is compared to the predicted drop by 3.0%. The January’s increase received a negative revision from 4.9% to 4.7%. (Event A on the chart.)

Seasonally adjusted flash Markit services PMI logged a reading of 51.0 in March. It was higher than the February’s value of 49.7 but lower than the figure of 51.3 predicted by analysts. (Event B on the chart.)

EUR/USD as of 2016-03-24

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