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Dollar Still Down But Got Better After Poor Macroeconomic Reports

September 18, 2008 by

The EUR/USD currency pair continued its ride up today before the economical releases in U.S. came out. Surprisingly, positive U.S. stock market opening, bad macroeconomic reports and the EUR/USD correction coincided today. EUR/USD reached 1.4542 today — the highest rate since September 4, but it’s currently trading near 1.4360 level — just slightly above its opening 1.4335 value.

Initial jobless claims rose from 445k to 455k last week, while the analysts’ estimate was a drop to 440k.

Philadelphia Federal Reserve index climbed from -12.7 to 3.8 in September. It was the only positive surprise today as it was expected to rise up only to -10.0.

Leading indicators continued to be in the negative zone — they rose from -0.7% to -0.5% in August. According the survey forecast they should have risen to -0.2%.

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