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Forex: EUR/USD drops as investors digest US GDP and claims

The EUR/USD took some time to react to the US GDP Q4 and jobless claims data, but it eventually moved lower, from the opening price of 1.3136 to 1.3110, on better quarterly growth than expected and improving jobless figures.

The US GDP Q4 drop was even worse than the expected, from 3.1% to 0.5%, as actual data pointed to 0.1%. However, the quarterly figure moved higher than expected, by 0.9% instead of 0.6%. Also on the bright side were the falling initial jobless claims, from 366K to 344K (consensus of 360K) and continuing claims, from 3.165M to 3.074M (consensus of 3.160M).

Ahead is the US Chicago PMI, expected to ease from 55.6 to 54.3 in February.

Mataf.net analysts point to resistance at 1.3160, 1.3190 and 1.3245. On the downside, supports are at 1.3095, 1.3040 and 1.3000.

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