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EUR/USD Moves Higher as China Reduces Demand for Safety

June 14, 2011 by

EUR/USD rose today as the positive economic data from China reduced demand for the dollar as a safe haven. The euro declined versus the dollar somewhat as the US economic reports were better than expected, but remained strong. EUR/USD trades now at 1.4479.

PPI rose 0.2% in May (seasonally adjusted) following the increase by 0.8% in April. The actual value reading was somewhat higher that the forecast 0.1% increase. (Event A on the chart.)

Retail sales decrease by 0.2% in May after rising 0.3% (revised from 0.5%). Forecasters promised a drop by 0.3%. (Event A on the chart.)

Business inventories edged up 0.8 percent in April from March, while market participants expected an increase by 0.9%. March reading was revised to 1.3% from 1.0%. (Event B on the chart.)

EURUSD for 2011-06-14

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