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EUR/USD Falls Lowest since April 14

April 24, 2008 by

EUR/USD slid to its minimum value since April 14 today on Forex — 1.5675, as the investors started to consider the U.S. currency to be oversold and the further interest rate cuts by the Federal Reserve — unlikely. Fundamental data that was released today in U.S. was mostly disappointing, but that didn’t help the euro to grow against the dollar.

Initial jobless claims dropped 33k last week — from 375k (revised up from 372k) to 342k, which is below the expected 375k.

Durable goods orders decreased 0.3% in March, while February’s change was revised from -1.5% to -0.9%. The market analysts expected the orders amount not to change in March.

New home sales in United States dropped to 526k in March (annual rate) from 575k in February (revised down from 590k) — below 580k forecast.

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