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Dollar Grows Somewhat on Improved Manufacturing Outlook

April 15, 2008 by

The EUR/USD currency pair post some small drop today on Forex as the fundamental situation in U.S. economy looked better in April for the manufacturing sector. All of the reports that were released today in U.S. showed a positive dynamics for the dollar, helping it to go up against euro, pound and yen. EUR/USD is currently trading at 1.5784.

Producer Price Index in March grew at an unexpected pace — 1.1% compared to 0.3% in February and 0.6% consensus forecast for March.

NY Empire State Index report showed a sharp improvement in the manufacturing sector survey. The index went up from -22.2 to 0.6. It was expected to go up to -17.0 today.

Net foreign purchases of the long-term U.S. securities in February 2008 were also significantly higher than both expected and the previous month values — $72.5 billion. In January they were $57.1 billion (revised down from $62.0 billion) and in this month they were expected to fall to $60.0 billion.

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