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European Leaders Work on Resolution for Crisis, EUR/USD Rises

September 14, 2011 by

EUR/USD rebounded from the earlier decline today on the speculation the European leaders are working toward resolution of the debt crisis and may reach success. The currency pair was rising today, corrected by 12:45 GMT, but currently resumed its advance. Today there was plenty of data from the US, but nothing particularly impressive.

PPI was unchanged (0.0% change) in August, following the increase by 0.2% in July. That’s good news as forecasters predicted a 0.1% decline. (Event A on the chart.)

Retail sales were also unchanged in August, but in this case that can be considered bad news as market participants expected a 0.2% growth. The increase of sale in July was revised from 0.5% to 0.3%. (Event A on the chart.)

Business inventories rose 0.4% in July, exactly as analyst predicted. The increase in June was also by 0.4%, revised from 0.3%. (Event B on the chart.)

Crude oil inventories decreased by 6.7 million barrels and total motor gasoline inventories increased by 1.9 million barrels last week. (Event C on the chart.)

EUR/USD for 2011-09-14

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