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Dollar Grows against Euro for Third Day

April 8, 2009 by

EUR/USD is falling for the third day today. It’s currently in the red zone but the most of the daily fall is in the past — in a form of a rather long downward spike. Traders expressed almost no reaction to the today’s U.S. fundamental news. EUR/USD is currently trading near 1.3229.

Wholesale inventories were down by 1.5% in February compared to January’s level. A 0.7% decline was reported a month ago. Market participants expected a 0.6% decline today.

U.S. crude oil inventories gained 1.7 million barrels last week and are now well above the upper limit of the average range for this time of year. With the current rate of growth they will surpass 400 million barrels by the end of the year.

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