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EUR/USD Gains as EU Meeting Brings Hopes for Greece

May 16, 2011 by

EUR/USD rose as the European Union finance ministers conduct meeting in Brussels to discuss the debt issues of the peripheral economies, including Greece. The US manufacturing slowed this month, further boosting the currency pair. EUR/USD currently trades at 1.4168.

NY Empire State Index was at 11.9 in May. It’s almost half of the April value of 21.7 and the expected value of 20.7. The index shows that manufacturing is still growing, but with slower pace.

US net foreign purchases decreased to $24.0 billion in March down from $27.2 billion in February, while they were expected to jump to $57.7 billion.

EURUSD for 2011-05-16

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