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Another Set of Negative Reports from US Spurs EUR/USD

June 2, 2011 by

EUR/USD advanced today as the reports about the US economy were again negative. Moody’s Investor Service said that it may downgrade the US credit rating. EUR/USD currently trades near 1.4479.

Initial jobless claims posted the increase to 422k last week from the previous week’s 428k, instead of the expected decrease to 416k. (Event A on the chart.)

Revised nonfarm productivity posted the annual growth by 1.8% in the first quarter of 2011, exactly as forecasts predicted. The in the previous quarter the growth was by 1.6%. (Event A on the chart.)

Factory orders fell 1.2% in April, following the advance by 3.8% in March. Analysts expected a drop by 0.7%. (Event B on the chart.)

Crude oil inventories increased by 2.9 million barrels, while total motor gasoline inventories increased by 2.6 million barrels last week. (Event C on the chart.)

EURUSD for 2011-06-02

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