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Dollar Falls Despite Positive ISM

March 3, 2010 by

The dollar continued to fall versus the euro this Wednesday despite positive data provided by the monthly ISM non-manufacturing report, as, once again, news involving Greece are the main factor influencing the EUR/USD currency pair’s trend, this time, on the euro’s side as Greece showed a new series of measures to tighten its budget deficit, which were received positively by traders. EUR/USD is currently at 1.3653.

Nonfarm payrolls were at -20k in February from a previous revised reading of -60k in January. This report came within the range of forecasts that expected -15k jobs.

U.S. crude oil inventories increased by 4.1 million barrels from the previous week. At 341.6 million barrels, crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 0.7 million barrels last week, and are above the upper limit of the average range.

ISM non-manufacturing index rose to 53.0 in February from a previous reading of 50.5 in January. This report came slightly above forecasts that expected this index to be at 51.

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

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