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EUR/USD Erases Gains After Reaching Weekly High

July 14, 2011 by

EUR/USD erased its gains today on concerns that the European sovereign-debt crisis is spreading. The US PPI was negative last month, but retail sales unexpectedly grew and jobless claims dropped more than predicted. EUR/USD trades now near its opening level of 1.4163 after it jumped to 1.4281 earlier.

PPI decreased 0.4% in June, seasonally adjusted, following increase by 0.2% in May. Analysts predicted a 0.2% decline. (Event A on the chart.)

Retail sales rose 0.1% in June. Market expected a drop by 0.1%, the same reading as in May. (Event A on the chart.)

Initial jobless claims fell from 427k to 405k last week, compared to the expected value of 413k. (Event A on the chart.)

US business inventories rose 0.1% in May from April, with the same pace as in April from March. Forex traders counted on increase by 0.7%. (Event B on the chart.)

EUR/USD for 2011-07-14

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