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EUR/USD Continues Drop on Better U.S. Outlook

January 21, 2010 (Last updated on January 26, 2010) by

Another consecutive day of losses for the European single currency this Thursday evidenced a decrease in attractiveness for the euro as services and manufacturing reports published today showed worse than expected figures in the Euroland. The U.S. dollar continued bullish today versus several currencies despite mediocre data showed in nation’s reports today. EUR/USD is at the lowest level in 2010 now trading at 1.4047.

Initial jobless claims rose for another consecutive week to 482k from a previous revised reading of 446k applications. Forecasts were more optimistic than actual data and expected 441k unemployment claims.

Philadelphia Fed index declined to 15.2 in January from a revised reading of 22.5 last month. Forecasts indicated a decline, but with a more optimistic tone, at 18.1 for this index.

Leading indicators index increased 1.1% in December from a previous revised advance of 1.0% in November. Forecasts expected a gain of 0.7%.

U.S. crude oil inventories decreased by 0.4 million barrels from the previous week while total motor gasoline inventories increased by 3.9 million. Both oil and motor gasoline inventories are above the upper limit of the average range.

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