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EUR/USD Extends Decline as Moody’s Says France’s Rating in Danger

October 18, 2011 by

EUR/USD dropped today for the second day as Moody’s Investor Service added to worries about Europe, saying that France’s top credit rating is threatened by the region’s debt crisis. At the same time, the economy of the US showed sings of improvement, alleviating concerns about a potential economic slowdown.

PPI rose 0.8% in September, seasonally adjusted, compared to the median forecast of a 0.2% growth. The index was unchanged in August. (Event A on the chart.)

Net foreign purchases of long-term securities were $57.9 billion in August, compared to $9.1 billion in July. Forecasts were more moderate, promising $27.8 billion. (Event B on the chart.)

EUR/USD for 2011-10-18

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