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EUR/USD Drops to Lowest Level Since July 23rd

August 11, 2010 by

EUR/USD tumbled down today as yesterday’s dovish FOMC statement shook markets, seriously hurting outlook for the global economy. Today’s reports showed that trade balance deficit and treasury deficit increased, while US crude oil inventories continued to decline. EUR/USD trades now near 1.2874.

US trade balance report today showed that a deficit increased to $49.9 billion in June, while analysts expected that the deficit would remain at the same level of $42.0 billion as in May.

Crude oil inventories decreased by 3.0 million barrels from the previous week. Total motor gasoline inventories increased by 0.4 million barrels last week.

Treasury budget report showed a deficit of $165.0 billion in July, while in June it was only $68.4 billion. Forecast promised somewhat higher value of $168.2 billion.

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