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EUR/USD Moves Up and Down Today, Remains at Opening Level

July 14, 2010 by

The euro went down today at the start of the trading session against the dollar after industrial production in Europe expanded less than expected and Spanish financial institutions borrowed record amount from the European Central Bank. Unfavorable reports from the U.S. pushed the dollar down later. While concern about the state of European economy persists, the focus of concerns about economic growth may shift to the U.S. EUR/USD trades near its opening level of 1.2722 now.

Retail sales decreased by 0.5% in June in U.S., more than analysts’ estimates of 0.2% decline. Still better than previous reading of 1.1% drop.

Import and export prices declined in June. Imports prices fell by 1.3%, mainly because of lower fuel prices, but nonfuel prices also contributed to the total decline. Median forecast was 0.3% decline. Export prices went down by 0.2%, after three months of increases, including the revise 0.6 increase in May.

Business inventories rose 0.1% in May, less than April growth of 0.4% and lower than forecast value of 0.3% increase.

U.S. crude oil inventories decreased by 5.1 million barrels from the previous week. Total motor gasoline inventories increased by 1.6 million barrels last week.

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

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