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Small Decline of EUR/USD Turns into Massive Slump

October 31, 2013 by

Yesterday’s drop of EUR/USD was relatively small, but it turned into a huge decline today. The major reason for this was a bunch of negative reports from Europe, but good data from the United States also added to the weakness of the currency pair.

Initial jobless claims fell from 350k to 340k last week, matching forecasts. (Event A on the chart.)

Chicago PMI rose to 65.9 in October from 55.7 in September. It was a pleasant surprise as analysts expected a drop to 55.1. (Event B on the chart.)

EUR/USD for 2013-10-31

If you have any comments on the recent EUR/USD action, please reply using the form below.

One Response to “Small Decline of EUR/USD Turns into Massive Slump”

  1. FA

    EUR is been under pressure. EUR/USD It reached below 1.3510.

    Reply

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