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EUR/USD Approaches 1.5 on Positive Retail Sales

November 16, 2009 by

The dollar traded lower against the euro during the trading session today and came close to the euro’s major resistance level near 1.5000. EUR/USD benefits from the unexpected jump in the retail sales reported for October, ignoring the disappointing data on the manufacturing sentiment index. The currency pair is currently trading near 1.4975, maintaining a strong long-term bullish trend.

U.S. retail sales increased at a seasonally adjusted rate of 1.4% in October after falling by 2.3% in September (revised from 1.5% fall). The average estimate for the October growth was near 0.9%.

N.Y. Empire State Manufacturing index unexpectedly declined from 34.5 to 23.5 in November. It was expected to decline only to 29.3. Nevertheless, the survey, upon which the index is based, showed that the business conditions continue to improve.

Business inventories continued to decline in September and fell by 0.4% after 1.6% decrease in August. They were expected to decline by 0.7%

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