EUR/USD Up as Stock Markets Rally
EUR/USD returned to the upward daily trend today after pausing in an uncertainty yesterday. The main driver for today’s growth was the stock market rallies in U.S. and Europe that don’t have any fundamental background but are rather based on the fact that the traders are already tired of the selling and see some short-term optimism in the anti-crisis measures taken by the global governments. EUR/USD is currently trading near 1.3010.
Wholesale inventories decreased by 1.1% in October after falling by 0.3% in September (revised down from -0.2%). The market analysts forecast 0.2% gain for October.
Crude oil inventories increased by 0.4 million barrels last week — the same as the week before.
U.S. treasury budget deficit in November was at $164.4 billion — that’s worse than a year ago ($98.2 billion deficit) but slightly better than the expected $171 billion deficit for November.
Tags: budget deficit, crude oil inventories, EUR/USD, wholesale inventories
December 11th, 2008 at 2:46 am
Good article. Let’s see if the EUR/USD continues to raise tomorrow when the US trade balance comes out.
[Reply]