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EUR/USD Down a Bit in Sideways Trend

October 15, 2008 by

EUR/USD went down slightly today after the bad fundamental data was released in U.S. The currency pair is still trading in a sideways daily trend that started on October 6. Dollar grows despite the poor macroeconomic statistics from U.S., because any bad market information is actually good for dollar in the time of crisis. EUR/USD is currently trading near 1.3613 level.

NY Empire State Index that measures the manufacturing conditions dropped from- 7.4 to -24.6 in October. A decline to -10.0 has been expected.

Producer price index dropped by 0.4% in September after falling by 0.9% a month before. PPI dropped at the same pace as the analytics expected.

Retail sales decreased by 1.2% in September, continuing the August’s 0.4% drop. Economic strategists expected retail sales to decrease by only 0.7% in September.

U.S. business inventories added 0.3% in August — below July’s 1.1% growth and 0.4% forecast for August.

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