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EUR/USD Declines, But Poor US Reports May Reverse Trend

August 12, 2010 by

EUR/USD currency pair was rising at the start of today’s trading session, but for the most part of a day it experienced steady decline. Today’s poor reports from US may weaken the dollar, adding to concerns about the US economic recovery, but may drag the euro further down, as bad news from US tend to cause negative impact on outlook for the economy of the whole world. EUR/USD trades currently at about 1.2817.

Initial jobless claims showed an increase last week to 484k from the previous revised reading of 482k. This is unpleasant surprise to market participants, who expected a decrease to 465k.

US import prices increased 0.2% in July, following two months of declines (prices dropped 1.3% in June). In contrast, export prices decreased in July, falling 0.2 percent after falling 0.7 percent in June.

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