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Spike on EUR/USD as ECB Strengthens Euro

December 4, 2009 by

EUR/USD showed a high bullish spike today on Forex after bouncing off the 1.5140 technical resistance level. The currency pair was influenced by the set of fundamental events, among which the ECB monetary policy statement wasn’t the least. The Eurozone regulator decided to tighten the money giveaway by scaling down the emergency measures that are provided since the beginning of the global financial crisis. EUR/USD is now trading near 1.5060.

Initial jobless claims decreased to 457k last week — down from 462k a week before and considerably below the 480k forecast value for today’s report. Stable postings below the 500k level look promising for the U.S. employment market.

Nonfarm business productivity annual growth rate for Q3 was revised from 9.5% to 8.1% with the final report released today. The Forex traders expected a revision down to about 8.5%.

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

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