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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.

If you have any comments on recent EUR/USD action, please, reply via the form below.

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