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EUR/USD Declines as Spain’s Credit Rating May Be Downgraded

December 15, 2010 by

EUR/USD fell today as Moody’s Investors Service said that Spain’s debt rating may be downgraded. There were plenty of reports from the US today and they showed a mixed picture. EUR/USD currently trades near 1.3347 after it dropped previously as low as 1.3285.

CPI rose 0.1% in November, while the same 0.2% growth as in October was expected.

NY Empire State index climbed to 10.6 in December after dropping sharply to -11.1 in November. An expected value was 4.7.

Net long-term purchases of US securities by foreign investors unexpectedly fell to $27.6 billion in October from September reading of $77.2 billion, while economists expected an increase to $82.3 billion.

Industrial production and capacity utilization rate in the US posted an increase in November. Industrial production increased 0.4% in November after a decline of 0.2% in October. The capacity utilization rate rose to 75.2% in November from 74.9% in October. Forecasts guessed actual values.

Crude oil inventories decreased by 9.9 million barrels from the previous week. Total motor gasoline inventories increased by 0.8 million barrels last week. Both are 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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