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EUR/USD at Monthly High Before Retail Sales Report

March 12, 2010 by

The EUR/USD currency pair reached its maximum level since February 11th today before the report on the retail sales was released in U.S. It showed a better than expected value but the dollar gained and reached its daily high before the report has been made available to the public. EUR/USD showed some retracement after today’s fundamental releases. It’s now trading near 1.3760 after reaching as high as 1.3796 today.

Retail sales were 0.3% up in February compared with the previous month. This increase followed 0.1% gain in January and was much better than -0.2% forecast.

The University of Michigan released its preliminary consumer sentiment index for March. It fell from 73.6 to 72.5, whereas a growth to 74 was expected by the currency traders.

Business inventories stagnated in January, following 0.3% drop in December. The forecast by the analysts point at 0.2% change.

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

One Response to “EUR/USD at Monthly High Before Retail Sales Report”

  1. Don Antonius @ Currency Day Trading

    I do not understand why the Dollar lost ground this week. It seems like the Euro-Zone problems just mysteriously dissapeared. What happened with Greece? last weeks I didn’t hear anything else but the Greece Problem. And even when Europe came up with plans they were dismissed. Now we still didn’t hear a plan to solve their problem. But instead of dropping the Euro is gaining strenght.

    Reply

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