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EUR/USD Extends Losses After Prolongation of US Tax Cuts

December 8, 2010 by

EUR/USD extended its decline today for a third day after US President extended tax cuts, resulting in surge of optimism for US economy. There was not much fundamental data this week so far, but some important reports, including reports about unemployment claims and trade balance, will be released on Thursday and Friday. EUR/USD trades now near 1.3214.

Crude oil inventories decreased by 3.8 million barrels and total motor gasoline inventories increased by 3.8 million barrels from the previous week.

Yesterday, a report on consumer credit was released, showing an increase by $3.3 billion from September to October, following a growth by $1.3 billion in September from August.

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

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