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EUR/USD Gains on Neutral Fundamentals

August 13, 2008 by

EUR/USD rose slightly today, probably as a result of the technical correction processes that should have followed the recent rapid growth of the dollar. Today’s fundamental releases from U.S. were average and they couldn’t move the currency pair too far up or down. EUR/USD is currently trading at 1.4937 with the daily high still below the important level of resistance located at 1.5000.

Export and import prices gained 0.8% and 0.9% respectively in U.S. in July. That growth followed the 0.9% advancement on both indicators in June.

Retail sales dropped 0.1% in July. Although it’s quite a negative result, the markets were ready for it, because the average forecast was also at 0.1% decline. In June retail sales gained 0.1%.

Business inventories rose faster than expected this June — they advanced 0.7% after 0.3% in May and 0.6% growth forecast for June.

U.S. crude oil inventories decreased by 0.3 million barrels last week after gaining more than 1.6 million barrels a week earlier.

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