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Euro Falls Against Dollar Despite Unfavorable Reports from U.S.

May 20, 2010 by

The EUR/USD experienced significant volatility today as it was unclear whose economy is in worse shape — European economy or economy of the U.S. The number of jobless claims rose unexpectedly in the U.S., suggesting that the economic expansion may be lagging. Despite an unfavorable data from the U.S. the European Union debt crisis managed to push the euro lower than the dollar. EUR/USD declined currently to 1.2338

Initial jobless claims was 471k, compared to a revised figure of 446k in the previous week. This is troubling as decrease to 439k was expected.

Philadelphia Fed index increased slightly to 21.4 in May from 20.2 the previous month. This is less then a predicted increase to 21.9.

Leading indicators index declined 0.1% in April, following a 1.3% gain in March, the bad sign as an increase by 0.3% was expected by the economists.

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