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EUR/USD Determined to Go Up as U.S. Data Surprise Positively

August 3, 2009 by Andriy Moraru

Euro came up against the U.S. dollar unexpectedly today as the key fundamental indicators of the world’s biggest economy showed a positive signal for the euro bulls and dollar bears. It looks like we are heading for another week of global stock positive, which will lead to a continued uprise of such currencies as the euro. EUR/USD is currently trading near 1.4362.

ISM manufacturing index rose from 44.8% to 48.9% during the month of July. It was expected to come up to 46.5%. It’s a great leap up, but the indicator’s value still suggests deteriorating conditions of the industrial sector in U.S.

Construction spending in U.S. rose by 0.3% in June if compared to May. The forecasts were pointing at 0.5% drop on average.

If you have any comments on recent EUR/USD action, please, reply via the form below.

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