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Dollar Continues to Beat Euro on Forex

July 30, 2008 by

EUR/USD continued to fall today after a very sharp decline yesterday. Many traders got surprised by the ADP employment report, which helped to strengthen the dollar, but the greenback gained even before the report release. This is the second day this week when EUR/USD falls. Monday gave some uprise to this currency pair, but it’s nothing compared to the current decline. EUR/USD is currently trading near 1.5542 level.

ADP employment report showed that the nonfarm private employment increased by 9,000 from June to July after having decreased by 79,000 a month ago. The median forecast for the change in June was -60,000 — so, that’s quite a nice surprise for every dollar bull-trader.

Crude oil invetories dropped 0.1 million barrels last week and are in the lower half of the average range for this time of year. Last week they lost almost 1.6 million barrels.

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