EUR/USD Dominated by Euro Macro Reports

EUR/USD was moving mostly under the influence from the macroeconomic reports that came out of the eurozone during the early trading session today. The currency pair’s reaction was slow but soon gave in to poor German factory orders, construction PMI, and retail PMI reports (events A, B, and C on the chart). The weekly unemployment statistics from the United States produced only a temporary rate spike on the Forex market.
US initial jobless claims rose from 262k to 265k during the last week. It was well below the market’s estimate of 279k. (Event D on the chart.)
Total consumer credit jumps by $20.5 billion in March following $14.8 billion increase in February (revised down from $15.5 billion). The current value surpassed the market analysts’ forecast of $15.8 billion by a wide margin. (Event E on the chart.)

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