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Euro is Correcting against Dollar as Fundamentals Show Recession

March 12, 2009 by

EUR/USD stopped growing today and the dollar gained slightly against the euro for the first time in three days after the fundamental reports from the United States showed that the world’s biggest economy is still in recession. Currently EUR/USD is trading near 1.2767 after reaching as low as 1.2731 today.

Initial jobless claims were at 654k last week — up from 645k reported for a previous week (revised up from 639k). They were above the average estimate of 644k.

Retails sales went down by 0.1% in February in U.S. — better than 0.5% decline expected by the analysts. January result was revised from 1% growth to 1.8% growth.

Business inventories decreased by 1.1% in February — worse than 1% forecasted drop and slightly better than 1.3% drop in January.

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