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EUR/USD Flat, Ending Short-Lived Weakness

October 23, 2013 by

EUR/USD experienced weakness today as China squeezed liquidity by tightening monetary policy conditions. Such measures led to widespread risk aversion on the Forex market that allowed the dollar to rebound. But the euro recovered as of now and may yet rise to new highs.

Export and import prices rose in September. Import prices were up 0.2%, the same rate of growth as in August (which was revised from 0.0%) and near the forecast of 0.3%. Export prices grew 0.3% after falling 0.5% in August (it was the first increase of export prices after six months of decline). (Event A on the chart.)

Crude oil inventories increased by 5.2 million barrels last week, outpacing the forecast of 2.7 million and the previous week’s increase of 4.0 million, and are above the upper range for this time of year. Total motor gasoline inventories decreased by 1.8 million barrels. (Event B on the chart.)

EUR/USD for 2013-10-23

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