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Disregarding Fundamentals, Dollar Heads Up

April 7, 2010 by

The things are getting more and more disconnected these days. The oil is rising despite the increasing reserves. The dollar is going up despite the growing commodities. EUR/USD continued to decline today with the most probable reason still being the problems of Greece, but it may stop being the main driver soon. The pair is now trading near 1.3356.

Crude oil inventories rose by another 2 million barrels last week, while the total motor gasoline inventories decreased by 2.5 million barrels during the same period. Both are still above the upper limit of their average range for this time of the year.

Consumer credit fell by $11.5 billion in February, following a growth by $10.6 billion in January. It was far worse than the forecast by the analysts — $0.7 billion drop.

If you have any comments on the recent EUR/USD action, please, reply using the form below.

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