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Dollar Stronger after TIC and CPI Data

July 16, 2008 by

EUR/USD currency pair went down slowly on Forex today after the news releases regarding Treasury International Capital and Consumer Price Index came out in U.S. EUR/USD opened at 1.5911 and quickly formed an upward spike with a highest level at 1.5948, currently it’s trading at 1.5861.

CPI gained 1.1% in June after 0.6% advance in May. The median analysts’ forecast for this month increase of the CPI was 0.7%.

Net foreign purchases of the long-term securities were $67 billion in May down from $111.9 billion in April (revised down from $115.1 billion). It was still above the average forecast of $65 billion.

Industrial production and capacity utilization improved in June. Production went up 0.5% after being down by 0.2% in May; th forecast was 0.2% growth. Capacity utilization increased from 79.4% to 77.9%, while it was expected to remain unchanged.

Crude oil inventories gained 3 million barrels last week but they are still near the lower boundary of
the average range for this time of year, according to Energy Information Administration.

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