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EUR/USD Maintains Decline on Friday After Thursday’s Testimony of James Comey

EUR/USD dropped today, extending yesterday’s decline. The currency pair fell on Thursday after the long-awaited testimony of former FBI chief James Comey to the Senate did not bring any significant revelations, causing the US dollar to gain on other currencies. Yesterday’s policy announcement from the European Central Bank also caused a drop of the euro versus the dollar. As for economic data from the United States, the previous and the current trading sessions was very light on macroeconomic reports.

Wholesale inventories were down 0.5% in April. That is compared to the predicted drop by 0.1% and the March’s revised fall by 0.3%. (Event A on the chart.)

Yesterday, a report on initial jobless claims was released, showing a drop to 245k last week from the previous week’s revised level of 255k (248k before the revision). Analysts predicted a bigger drop to 241k. (Not shown 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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