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EUR/USD Grows Considerably Despite Lower Chicago PMI

March 31, 2010 by

EUR/USD registered its new high in more a than week, showing a daily rise of about 0.85% today. It was going straight up from the early European Forex trading session without any regards to the fundamental indicators. The currency pair is now trading close to 1.3533.

Chicago PMI indicator declined from 62.6 to 58.8 in March. The traders expected a drop only to 61.0 — that’s a rather bad signal for the U.S. economy in a short-term perspective.

Factory orders increased by 0.6% in February, following 1.7% growth in January. The report’s month’s forecast was at 0.5%.

Crude oil inventories rose by 2.9 million barrels in U.S. last week, while the total motor gasoline inventories increased by 0.3 million barrels.

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

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