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EUR/USD Hits Record High in Eight Months

October 7, 2010 by

EUR/USD currency pair slumped after today’s report showed that number of US jobless claims decreased more than expected, but later resumed its previous advance. The main reason for the dollar’s weakness is outlook for additional stimulus by the Federal Reserve. EUR/USD currently trades at 1.3921 after jumping to 1.4027, the highest level since February.

Initial jobless claims dropped from 456,000 to 445,000 last week. A median forecast promised a decline to 454,000.

Consumer credit fell by $3.3 billion in August. That’s less than a previous decline of $4.1 billion but more than an expected decrease of $2.9 billion.

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