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EUR/USD Met Its Resistance Level

October 8, 2009 by

The euro went up against the U.S. dollar today on the Forex market but the latest trading results show that the EUR/USD pair has met its resistance point near 1.4800. The fundamental factors that affect the U.S. dollar look positive, as the macroeconomical statistics from United States is rather good today, while the ECB decision to leave the interest rate unchanged at 1% is quite neutral. EUR/USD is now trading near 1.4733.

Initial jobless claims were reported at 521k for the last week — that’s 33k less than the previous week’s figure. Traders expected a decline to 541k jobless claims.

Wholesale inventories decreased by 1.3% in August, following 1.6% drop in July. According to the analysts’ forecast the inventories should have gone down by 1%. Declining inventories of the wholesalers indicate an elevated consumer demand.

Other important U.S. fundamental releases went out earlier this week:

ISM services index went up from 48.4% to 50.9% in September, which was a bit better than the expected 50% value.

U.S. crude oil inventories decreased by 1 million barrels last week, while the motor gasoline inventories went up 2.9 million barrels.

Consumer credit in United States decreased by $12 billion in August after falling by $19 billion in July. The estimated credit change value for the August was at $10 billion.

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

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