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EUR/USD Close to 1.4 on Weak U.S. Fundamentals

January 24, 2008 (Last updated on December 24, 2008) by

EUR/USD rose today, advancing to the important psychological level at 1.4000, after the macroeconomic reports from U.S. failed to show something good for the dollar. The stock markets rose spurring confidence in the riskier assets, which is euro. EUR/USD is trading at 1.4001 now.

Durable goods orders decreased by 1% in November after falling 8.4% in October (revised from 6.2%) — a 50/50 result considering a forecast drop of 3.1% for the last month.

Initial jobless claims rose unexpectedly last week to 586k — the gain followed the 556k increase a week before and exceeded the median forecast of 558k.

Personal income and spendings were down by 0.2% and 1% respectively in November. Both were reported below expectations (0% and -0.8% respectively). Personal income advanced by 0.3% in October, while the personal spendings were down by 1% during the same month.

Crude oil inventories decreased by 3.1 million barrels last week in U.S. This result is a nice positive news for the oil markets and the negative one for the dollar as the currency traders mainly expected that the oil inventories will continue to grow amid the lower prices.

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