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April CPI Disappoints Dollar Bulls

May 14, 2008 by

While the April CPI report was expected by many Forex traders to improve the dollar positions and helped greenback gain before the actual release, disappointing CPI reading pushed EUR/USD up from its daily lows and it’s now trading almost without any loss (1.5459 currently with an open rate at 1.5465).

CPI (all items) was at 0.2% in April — that’s below the March value (0.3%) and the average market forecast (also 0.3%). Core CPI (except energy and food prices) was at 0.1% in April — also below the March value (0.2%) and the forecast expectations (0.2%).

Crude oil inventories increased insignificantly last week. Energy Information Administration reported a 200 thousand barrels growth after more than 5.6 million barrels gain a week ago.

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