Forex Blog

EUR/USD fell today significantly, recovering from its two-day fall that was observed this week. It went down by more than 0.8% today — from 1.5532 to 1.5380. Good fundamental indicators from U.S. helped dollar to strengthen on Forex.

Productivity in business sector grew up in first quarter of 2008 according to a preliminary report that was released today. Annual rate of the seasonally adjusted productivity growth was 1.9% in Q1 — above 1.5% forecasted by market analysts.

Crude oil inventories last week increased by 5.7 million barrels (quite a lot compared to recent increases) and are now in the middle of the average range for this time of the year.

Dollar continued to lose its positions on Forex market today. After the major economic releases came out in U.S. EUR/USD touched a new absolute maximum at 1.5300 and even GBP/USD recovered from the weekly bottom, which was formed after the bad macroeconomic statistics in was released in U.K this morning.

Productivity in the non-farm sector of economy in the fourth quarter of 2007 grew faster than expected — at 1.9%, against annual average of 1.8%; the forecasts were also at 1.8% growth.

Factory orders for the manufactured goods in January fell down at the same pace as they were expected to fall — by 2.5%, that followed a month of 2.0% growth in December.

ISM non-manufacturing index unexpectedly improved in February and went up from 44.6 to 49.3, while an insignificant growth to 47.5 was expected.

Crude oil inventories brought a negative surprise the dollar bulls and the oil bears, as in the past week they declined for the first time in more than two months. They went down by almost 3.06 million barrels.