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US GDP Misses Expectations, EUR/USD Extends Upward Move

April 28, 2016 by

Today’s economic data released from the United States was not particularly good. First quarter’s growth of the US economy was slower than economists had anticipated. The number of unemployment claims grew last week. As a result, EUR/USD was able to extend its upward move for the fourth straight session.

US GDP rose 0.5% in Q1 2015 according to the advance (first) estimate. The reading failed to meet the consensus market expectations of 0.7%. The indicator increased by 1.4% in the previous quarter. (Event A on the chart.)

Initial jobless claims rose from 248k to 257k last week. Analysts had predicted basically the same value. (Event A on the chart.)

EUR/USD as of 2016-04-28

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