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EUR/USD Hits Monthly Low After ECB Intervention

August 13, 2007 (Last updated on December 1, 2009) by

EUR/USD hit new monthly minimum at 1.3606 today, bouncing back from both the psychological support of 1.3600 and technical support level around 1.3605. One of the main reason for the vigorous dollar behavior can be seen in ECB today’s currency intervention of more than 130 billions. Such a harsh step was needed to prevent a highly possible financial market collapse.
Economical statistics which came this day from the Unites States of America strengthened USD even further. Advance retail sales came out at 0.3% growth compared to 0.2% expected and retail sales excluding autos came out at 0.4% compared to 0.3% expected. Manufacturers’ and trade inventories, seasonly adjusted, are estimated at 0.4% growth compared to May 2007 (at the expected level).

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