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Dollar Down on Factory Orders

April 2, 2008 by

Dollar failed to sustain the growth that it has been showing recently and today it fell down against euro to 1.5662 from the opening at 1.5621. Although it tried to rally again earlier today, traders didn’t felt that positive about the U.S. currency.

Factory orders in February disappointed the market participants — they fell 1.3%, while the consensus forecast was at -0.8%. Still this decline was better than the January’s 2.3% fall (revised down from 2.5%).

Crude oil inventories grew significantly in U.S. last week — they increased 7.3 million barrels and are in the upper half of the average range for this time of year now. This news may force oil prices to go down below $100/barrel level in a short-term perspective.

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