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Forex: EUR/USD pierces 1.3100 on US session

The EUR/USD is extending the rise on the upbeat speech made by ECB's Mario Draghi. Also important to euro strength was the information that banks have already repaid 40% of net liquidity injected via LTROs.

Having moved up to 1.3095, the pair rested for a while and now it's back on the game. The up move has gone up to 1.3116 high, for now.

Weakening the greenback was US nonfarm productivity that didn't make a good impression, as it fell from 3.2% to -1.9%, weaker than the expected -1.6%. Unit labor costs rose from -2.3% to 4.6%, more than the 4.2% consensus. However, US initial jobless claims improved against expectations: from 347K to 344k (consensus of 355K).

MIG Bank analysts suggested a possible short-term base formation after the successful support at 1.2967 (01/03/2013 low). In case of a break of 1.3080 (06/03/2013 high), “another resistance can be found at 1.3162 (28/02/2013 high)”, wrote analyst Bijoy Kar.

Forex: EUR/USD jumps on Draghi's speech

The EUR/USD has reacted higher following the ECB's president Mario Draghi speech. Draghi is confidence in the eurozone economic recovery despite the fact they have downgrade growth forecast to a range of -0.9% to -0.1% with the CPI between 1.2% & 2.0% in 2013.
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American equity markets open cautiously Thursday

The US Stock market experienced a cautious opening Thursday mixed upbeat data in the United States provided pause for investors. In the United States, Initial Jobless Claims (March 3) were reported at just 340K, against expectations of 355K, and down from 370K previously. In addition, Continuing Jobless Claims (February 24) came in at 3.094M, against a consensus of 3.110M. Finally, the US Trade Balance shrunk to $-44.45B in January, against a projected figure of $-43.0B.
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