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EUR/USD Almost Snaps Previous Losses on Positive U.S. PPI

February 19, 2009 by

The euro and other major currencies were growing for the whole day against the U.S. dollar today. EUR/USD almost rose to its Tuesday’s open level — the day when it fell by the most since February 4th. Currently EUR/USD is trading near 1.2684.

PPI increased by 0.8% in United States in January. It was expected to rise by only 0.2% after falling down by 1.9% in December. It looks like the liquidity measures are already pressing on the prices in U.S. and the dollar inflation may keep investors away from buying the USD further.

Initial jobless claims remained unchanged last week from the value recorded a week before, which was revised from 623k to 627k.

Leading indicators index rose by 0.4% in January after increasing by 0.3% in December. According the forecasts it should have remained unchanged.

Philadelphia Fed index declined rapidly in February — from -24.3 to -41.3 — the lowest level since October 1990. It was expected to fall to -25.

Crude oil inventories decreased for the first time in several month last week — they fell by 0.2 million barrels.

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