Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders

Archives

EUR/USD Hits New 14-Month High, Bearish Day

October 20, 2009 by

Although EUR/USD managed to hit its new record high level (since August 11th, 2008) today, the currency pair is trading in a red zone as the demand for dollar pulls it down. The decreased producer prices and the below-forecast values on housing that were reported in U.S. today press heavily on EUR/USD during the U.S. Forex trading session. The currency pair is trading near 1.4931 now after hitting as high as 1.4993.

Producer Price Index (PPI) declined by 0.6% in September compared to a previous month, during which it grew up by 1.7%. The economic analysts forecasted an unchanged index value for September.

Building permits were at seasonally adjusted annual rate of 573k in September, which is below 580k reported for August and 595k expected by the traders. Housing starts rose from 587k to 590k annual rate in September, but 610k rate was predicted by the forecasts.

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

Leave a Reply

required
required (will not be published)