EUR/USD Declines for Third Session as Traders Remain Hopeful for Tax Reform

EUR/USD extended its decline for the third session in a row today as investors remained hopeful that US politicians will implement the tax reform and it will be beneficial to the US economic growth. The currency pair also fell as risk aversion rose after US President Donald Trump said that Jerusalem is the capital of Israel. As for economic data, the current trading session was light on reports from the United States, but those that were released turned out to be pretty decent.
Initial jobless claims were at the seasonally adjusted rate of 236k last week. That is compared to the predicted value of 239k and the previous week’s reading of 238k. (Event A on the chart.)
Consumer credit rose by $20.5 billion in October, exceeding the median forecast of $17.4 billion. The September increase was revised down from $20.8 billion to $19.2 billion. (Event B on the chart.)

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