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EUR/USD Ends Week Declining Again

February 12, 2010 by

The EUR/USD currency pair is ending this week posting a decline as economic data published in Europe was again less optimistic than in the U.S., after retail sales and business inventories improved in the North American country in reports published today, as well as employment conditions, which could be verified in a jobless claims report published yesterday. In Europe, quarterly gross domestic product released today brought more pessimism to the region as actual data frustrated forecasts. EUR/USD is currently at 1.3614.

Retail sales advanced 0.5% in January from a previous revised declined of 0.1% percent. Forecasts expected this monthly report to advance 0.4%.

Business inventories
declined 0.2% percent in December from a previous revised advance of 0.5% in November. Forecasts were considerably more pessimistic than actual figures expecting an increase of 0.3% in the inventories.

U.S. crude oil inventories increased by 2.3 million barrels from the previous week.Total motor gasoline inventories increased by 1.3 million barrels last week. Both remained above the upper limit of the average range.

Preliminary Michigan Consumer Sentiment was the last important report for the U.S. economy this week and declined to 73.7 in January from a previous revised reading of 74.4. Forecasts expected this index to rise up to 74.8.

Initial jobless claims published yesterdaydeclined during the past week to 440k applications, compared to a previous revised number of 483k two weeks ago, below forecasts that expected new jobless applications to be at 460k.

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

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