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EUR/USD Bearish on U.S. Confidence

December 30, 2009 by

The EUR/USD currency pair extended yesterday’s decline as an economic activity report in the U.S. came much above forecasts and featuring the highest level in four years, adding evidences that economic conditions in the U.S. are improving at a fast pace, helping the dollar to gain versus a not so attractive euro in the past weeks, as the IMF affirmed it would help Greece with its financial complications if requested. At the moment EUR/USD is falling and trading at 1.4281.

Chicago PMI advanced significantly to 60.0 in December from a previous reading of 56.1 in November, and much above forecasts that indicated a value of 55.2 for this index.

U.S. crude oil inventories decreased by 1.5 million barrels from the previous week while total motor gasoline inventories decreased by 0.3 million barrels last week. Crude oil inventories are near the upper limit of the average range for this time of the year, while gasoline inventories remained above this limit.

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