EUR/USD Rises, Pares Gains on Bernanke’s Comments

EUR/USD was rising today as an interest rate cut by China’s central bank put the Forex market in risk-on mode. The currency pair pulled back as Federal Reserve Chairman Ben Bernanke said that the European debt crisis may hurt global economic growth. (Event B on the chart.)
Initial jobless claims were at the seasonally adjusted rate of 377k in the week ending June 2, falling from 389k (revised up from 383k) in the previous week. The expected value was 381k. (Event A on the chart.)
Consumer credit increased by $6.5 billion in April from March, while analysts predicted a bigger increase by $10.9 billion. The March change received a major revision to $12.4 billion from $21.4 billion. (Event C on the chart.)


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