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Dollar Regains vs. Euro Despite Debt Standoff

July 27, 2011 by

The EUR/USD pair declined today, snapping its yesterday’s gains. Neither the bad durable orders report nor the prolonged debt discussions in the Congress could stop that. The dollar’s strength was drawing from some more or less positive news from the debt ceiling discussions (which still doesn’t lead the whole situation anywhere) and the growth of the US crude oil stockpiles.

Durable goods orders decreased by 2.1% in June, following 1.9% increase in May. Traders expected a 0.3% gain this time. (Event A on the chart.)

Crude oil inventories rose by 2.3 million barrels last week, following 3.7 million barrels drop a week earlier. Total motor gasoline inventories rose by 1 million barrels during that period in the US. (Event B on the chart.)

EUR/USD 2011-07-27

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