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Strong Eurozone and German GDP figures couldn’t help the Euro. The “eurobulls” have ignored the positive statistics: the EUR/USD rate returned back to the level it was at when the Asian markets opened.
The Euro/Dollar Pair Grows on Strong Statistical Data from Europe
Statistics from 12th February on retail trade and the number of initial applications for unemployment benefits in the US turned out to be worse than expected. At the same time, 13th February data on the Eurozone turned our better than expected. According to preliminary data, Eurozone GDP for the final quarter showed a 0.9% growth and German GDP for the year hit 1.6%. The Euro/Dollar pair gained momentum for a slight correctional growth but, looking at things in the long term, the direction won’t change. The market is waiting patiently for news on Greece.
On Thursday a batch of disappointing American statistics and the Governor of the Bank of England’s, Mark Carney, gave an announcement which prompted traders to close long positions involving the US dollar. The number of unemployment benefits application rose, whilst retail sales fell.
On Friday the pound/dollar rate dropped to 1.5209 after the publication of strong data on the American labor market. The NFP data exceeded market expectations and increased the probability of the US Fed increasing the rates in June this year.
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