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EUR/USD Growing and Confident Before FOMC Meeting

October 29, 2008

EUR/USD is currently showing a second day of growth as the situation with the markets is trying to turn back to less volatile and risky. Expectations that during today’s FOMC meeting U.S. interest rate will be cut to at least 1.00% is spurring the investors’ optimism. At a low, but still significant level, today’s U.S. macroeconomic releases added confidence to the global economy. EUR/USD is currently trading near 1.2962 rate after trading at as low as 1.2330 during the early trading session yesterday.

Durable goods orders increased by 0.8% in September — that’s more than the forecast -1.0% value and -5.5% change in August.

Crude oil inventories added 0.5 million barrels last week and are in the upper half of the average range for this time of year. This growth followed 3.2 million barrel increase a week earlier.

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