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EUR/USD Jumps on Good Outlook for Portugal’s Debt Auction

January 12, 2011 by

EUR/USD surged today after it struggled at the beginning of the trading session as investors looked favorably on the auction of Portuguese debt. The euro also strengthened on speculations that China and Japan will buy European debt and that Germany will agree to increase the size of the European rescue fund. Data from the US was neutral today as there were few reports and they were in line with forecast. EUR/USD trades now at 1.3122.

US import and exports prices increased last month. Import prices rose 1.1% in December, after increasing 1.5% in November in October. Forecast were near actual figure, promising an increase by 1.3%. Exports prices increased 0.7 percent in December, following 1.5% increase in October.

Crude oil inventories decreased by 2.2 million barrels and total motor gasoline inventories increased by 5.1 million barrels last week.

US treasury budget deficit was $80.0 billion in December, near the predicted reading of $81.1 billion. The deficit was $150.4 billion in November.

Yesterday, a report on wholesale inventories was released, posting a decline by 0.2% in November, following an increase by 1.7% in October.

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

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