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Euro Falls vs. Dollar on Greek Problems

March 15, 2010 by

EUR/USD declined rapidly today as the European aid to the troubled Greece meets new obstacles, pushing the Eurozone’s currency down against the U.S. dollar. The macroeconomic releases from United States showed some stagnation in all three indicators, reducing the market’s optimism about the global economy. EUR/USD is now trading near 1.3659.

NY Empire State manufacturing index declined from 24.9 to 22.9 in March, signaling a slightly slower rate of improvement in the sector. The forecast was at 22.0 for this index.

Net foreign purchases of the long-term U.S. securities was at $19.1 billion in January, below $63.3 billion reported for December and below the forecast value of $47.5 billion.

Industrial production rose by 0.1% in February, which was better than the 0% forecast, but worse than 0.9% change in January. Capacity utilization rose from 72.5% to 72.7% but is still 7.9% below the average level of the years 1979–2009. The forecast by the economic analysts was for no change in February.

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

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