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EUR/USD Goes Up on Signs of Faltering Economic Recovery

August 19, 2010 by

EUR/USD rose today, following yesterday’s decline, as reports from the US today were really bad. Unemployment claims posted increased instead of expected decline and the report from the Federal Reserve Bank of Philadelphia showed that manufacturing activity contracted. EUR/USD trades now near 1.2881.

Initial jobless claims went up from 488k to 500k last week. They were expected to decline to 478k instead.

Philadelphia Fed index decreased from a reading of 5.1 in July to -7.7 in August, frustrating analysts who expected an increase to 7.1. A figure below 0.0 indicates worsening conditions.

Leading indicators index for the US increased 0.1% in July, following a 0.3% decline in June. A growth by 0.2% was expected.

Yesterday, a report on crude oil inventories was released, showing that oil stockpiles decreased by 0.8 million barrels from the previous week and gasoline inventories remained virtually unchanged last week.

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

One Response to “EUR/USD Goes Up on Signs of Faltering Economic Recovery”

  1. John

    Technically, the EUR/USD appears to be getting weaker and weaker.

    Reply

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