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The US Q1 ECI rises much more than forecast-EUR/USD falls again as Stock futures slide
That important US ECI index (employment cost) has just been released and it was hotter than forecast. The index rose by 1.2% in Q1 and the impact of that data has dented the US stock futures. The Dow Jones was noted in the previous update and that has now taken a hit following this release. The futures are now further in the red than a little earlier and the dollar has lurched higher across the board on this news. Hence, the GBP/USD is tracking back towards 1.25 and the EUR/USD has now fallen back underneath 1.07 again. To be honest it is somewhat of a surprise; that the Euro has not yet taken out the recent interim low at 1.0689, but it may yet still do so. The EUR/USD is currently trading at 1.0699
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