The dollar remained in a bearish mode today even though macroeconomic reports from the United States were really good, unlike yesterday. EUR/USD managed to erase all of its weekly losses after today’s rally. Tomorrow’s session will be extremely important for the fate of the dollar due to the release of nonfarm payrolls. The problem for traders is that many markets will be closed for Good Friday, meaning that the reaction for the NFP will likely be delayed till Sunday evening when markets reopen.
US trade balance deficit shrank to $35.4 billion in February from $42.7 billion in January. The consensus forecast predicted a bigger trade gap of $41.3 billion. (Event A on the chart.)
Initial jobless claims were at the seasonally adjusted level of 268k last week, far below the predicted value of 286k and the previous week’s revised level of 288k. (Event A on the chart.)
Factory orders rose 0.2% in February instead of falling by 0.4% as was predicted by analysts. On the flip side, the January’s decrease was revised from 0.2% down to 0.7%. (Event B on the chart.)
If you have any comments on the recent EUR/USD action, please reply using the form below.
