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Euro Rises Against Dollar for Second Day

June 9, 2010 by

The euro managed to rise against the dollar for a second day as stocks and commodity prices rise. The statement of Federal Reserve Chairman Ben Bernanke that the U.S. economic recovery is restrained by the housing and commercial real-estate markets haven’t supported the greenback either. EUR/USD trades near 1.2050 now.

Wholesale inventories posted an increase by 0.4% in April, following the previous revised increase by 0.7%. The trader expected a growth by 0.6%

Crude oil inventories decreased by 1.8 million barrels the last week. Total motor gasoline inventories remained unchanged at 219.0 million barrels last week.

Last friday the report on non-farm payrolls was released, showing growth by 431k and unemployment rate of 9.7% in May, and this monday the report on consumer credit showed an increase by $1.0 billion in April.

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

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