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EUR/USD Falls as Economic Conditions Worsen

June 15, 2009 by

The euro fell against the dollar at a fastest pace since late March today as the U.S. fundamental indicators signaled a deepening of the recession. The traders now favor safety over gain. EUR/USD is now trading near 1.3785.

New York Empire State Index declined from -4.5 to -9.5 in June. The forecast for this index was at -4.6. It was a first decline of the index since March.

Net purchases of the U.S. long-term securities were at $11.2 billion in April — down from $55.4 billion that were reported for March. Traders expected $52.9 billion for April.

Export and import price indexes were reported last Friday. Import prices rose by 1.3% in May, while export prices advanced by 0.6% during that month. Both grew faster than in April (1.1% and 0.4% respectively).

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