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EUR/USD at Minimum Since May 2009 on Portuguese Rating Cut

March 24, 2010 by

The Forex isn’t reacting on the macroeconomic indicators today as the markets are shaken by the cut of the Portuguese credit rating by Fitch agency. EUR/USD managed to reach it’s minimum level since early May 2009 as the Eurozone’s problems spur investors in moving funds into dollar-backed assets. The currency pair is now trading near 1.3318.

Durable goods orders went up by 0.5% in February, following 3.9% growth a month earlier (revised positively from 3.0%). But that was lower than the expected 0.6% increase.

New home sales decreased to 308k seasonally adjusted annual rate in February — down from 315k reported for January. The traders expected this indicator to come out unchanged today.

Crude oil inventories increased by 7.3 million barrels last week, while the total motor gasoline inventories decreased by 2.7 million barrels, confirming both bullish tendency in oil inventories and a bearish one in gasoline inventories.

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

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