Valeria Bednarik, chief analyst at FXStreet explained that the American dollar remained vulnerable this Thursday, with the EUR/USD pair reaching its highest for the year at 1.1411, even despite poor data out of the Euro Zone.
“According to official releases, German unemployment was unchanged in March, snapping a run of five consecutive declines, although the unemployment rate held at its record low of 6.2%. Retail Sales in the country, fell by 0.4% during February, whilst it rose 5.4% in real terms compared to a year before.
In the US, weekly unemployment claims in the week ending March 26 reached 276K, above expected, while the 4-week moving average was 263,250, an increase of 3,500 from the previous week’s unrevised average of 259,750.
The Chicago PM increased to 53.6 in March, led by a recovery in production and employment. Markets, however, turned thin mid American afternoon, ahead of the release of the US Nonfarm Payroll report early Friday. The employment data may put a halt to current dollar’s decline, but it will take much more than one strong job’s number to turn the current bearish trend of the greenback.”
(Market News Provided by FXstreet)