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EUR/USD Backs Off After Wednesday’s Rally

EUR/USD retreated following yesterday’s rally caused by comments of US President Donald Trump about dollar’s strength. Analysts said that markets overreacted as the comments did not contradict Trump’s previous stance, giving no really new information, and it is doubtful that the President has the power to influence the exchange rate. As for US economic data today, it was very mixed, with falling PPI, stable jobless claims, and improving consumer sentiment.

PPI dropped 0.1% in March while analysts did not predict any change. The index was up 0.3% in February. (Event A on the chart.)

Initial jobless claims were at the seasonally adjusted rate of 234k last week, little changed from the previous week’s revised level of 235k. The average forecast promised an increase to 242k. (Event A on the chart.)

Preliminary Michigan Sentiment Index demonstrated an increase from 96.9 in March to 98.0 in April. The actual value was above the figure predicted by experts — 97.1. (Event B on the chart.)

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

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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