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EUR/USD Down Despite U.S. Manufacturing Decline

September 15, 2008 by

EUR/USD is down today on Forex after a big positive week-opening gap. The currency pair reached its 10-day high level during the early trading session but then declined below the Friday’s close level quite fast. Bad macroeconomic statistics from U.S. pushed EUR/USD up, but it still trading in the red zone — near 1.4187 level.

NY Empire State index, related to the manufacturing, declined from 2.8 to -7.4 in September, while the macroeconomic strategists expected decline only to 1.3.

Industrial production decreased by 1.1% in U.S. last month. This decline followed 0.1% growth in July (revised down from 0.2%); forecast decline value was at 0.3%. Capacity utilization dropped from 79.7% to 78.7% in August. Only a slight decline to 79.6% was expected by the market participants.

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