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EUR/USD at New Max Since August 2008

November 25, 2009 by

The EUR/USD currency pair was highly influenced today by the rather optimistic market indicator releases. Decreased jobless claims, improved housing market and higher personal spending were the prevailing factors that were pushing the euro up against the dollar, which is often suffering during positive U.S. macroeconomic statistic reports. EUR/USD went up to the highest level in more than 15 months today and is currently trading near 1.5050 level; the daily high was set at 1.5094.

Initial jobless claims were at 466k in the past week, from a previous reading of 501k (revised). A more positive number than what forecasts suggested at 500k.

Durable good orders posted a decline of 0.6% in October from a revised increase of 2.0% in the previous month, frustrating forecasts that suggested an increase of 0.5% for the last official reading.

Personal income increased by 0.2% in the United States in October. Meanwhile, the personal spending rose by 0.7%. Both indicators grew faster than expected (0.1% and 0.5% respectively). Personal income increased by the same 0.2% in September, while personal spending fell by 0.6% during that month.

Michigan Consumer Sentiment index declined from 70.6 to 67.4 in November, while a drop to 67 was expected by the Forex traders.

New home sales were up from 405k in September to 430k in October in U.S. The last month’s value was positively revised from 402k and the forecast for today’s report was at 408k.

U.S. crude oil inventories rose by 1 million barrels during last week and at 337.8 million barrels, they are currently above the upper limit of the average range for this time of year. During the same period, total motor gasoline inventories also increased by 1 million barrels and now are only slightly above the upper limit of the average range for this time of year.

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

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