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Dollar Firms as Export and Import Prices, Retail Sales and Business Inventories Drop

November 14, 2008 by

EUR/USD declined today after rising above the week’s opening level yesterday as the dollar-bullish traders got help from the sale of the euro-denominated assets spurred by the worsening of the global macroeconomic situation. EUR/USD is currently trading near 1.2690.

The U.S. export prices fell by 1.9% in October, while the import prices decreased by 4.7% during the same period. This decline followed the 2-month drop and exceeded the analysts’ expectations.

Advance retail sales report showed a 2.8% decline in October, following 1.2% drop in September. The average forecast for the October retail sales was also 1.2% drop.

Business inventories were down by 0.2% in September after advancing by 0.3% in August. The market analysts expected that the business inventories will add 0.2% in September.

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