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Euro Posted a Huge Decline against Dollar

August 7, 2008 by

EUR/USD declined today to its new minimum level since June 13 after a bearish commentaries by Jean-Claude Trichet that followed ECB’s rate decision. Even bad reports on U.S. employment and housing couldn’t save the currency pair from falling. It is now trading near 1.5326 level.

Initial jobless claims rose to 455,000 last week, up from 448,000 a week before. Analysts estimated a decline to 420,000 claims for the last week.

Pending home sales rose by 5.3% in United States in June. This growth followed 4.9% decline in May. Median forecast for the June was at 1% decline.

Consumer credit rose by $14.3 billion in June. That’s above the recorded $8 billion May growth and exceeds $6.4 billion analytics’ estimate for June.

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