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EUR/USD Goes Up as Stocks Rally

July 15, 2009 by

Fundamental indicators that were released today only follow the trend set up on the Forex market, where EUR/USD pair rose to its new weekly high as the traders favored high-yielding assets. Bad macroeconomic releases from U.S. didn’t help the dollar to grow against the euro. EUR/USD is now trading near 1.4090.

CPI increased at a seasonally adjusted rate of 0.7% in June, following 0.4% gain in May. It was forecasted to go up by 0.6%.

New York Empire State manufacturing index rose from -9.4 to -0.4 in July. It was expected to rise only to -5.0.

Industrial production continued to fall in U.S. and decreased by 0.4% in June, following 1.2% decline in May. Forex traders waited for 0.6% decline today. Capacity utilization set a new record low level decreasing to 68.0% in June from 68.2%. Though, it was expected to fall to as low as 67.9%.

Crude oil inventories decreased by 2.8 million barrels during the week ending July 10. Meanwhile total motor gasoline inventories rose by 1.5 million barrels.

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