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Economic Conditions Improve — EUR/USD Falls

October 15, 2009 by

The U.S. dollar rebounded against the euro today as the U.S. economic reports were very positive. The EUR/USD correction can only be explained as a technical one, which follows the similar correction on the U.S. stock market. EUR/USD is now trading at 1.4895 after reaching a new yearly maximum at 1.4966.

Consumer Price Index (CPI) increased by 0.2% in U.S. in September. Traders expected the same value from this report. It was slightly less than 0.4% growth of the index in August.

N.Y. Empire State Manufacturing Index rose from 18.9 to 34.6 in October after a forecast of a decline to 17.3 by the market analysts.

Initial jobless claims decreased from 524k to 514k last week. The expected decline decline was to about 520k.

Philadelphia Fed index fell from 14.1 in September to 11.5 in October — that’s slightly worse than the expected value of 12 for this business outlook index.

If you have any comments on the recent EUR/USD action, please, reply using the form below.

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