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EUR/USD Near Opening Level After Dropping Previously

November 10, 2010 by

EUR/USD currency pair dropped today on good economic reports from the US before rebounding. Virtually all US reports were favorable for the dollar, yet for now the euro is trading slightly above the opening level of this session. It’s not likely to gain much as renewed concerns for debt problems in peripheral European nations sap strength out of the euro. EUR/USD trades currently near 1.3780 after it opened at 1.3772 and dropped to the intraday low of 1.3672.

US trade balance posted a deficit of $40.0 billion in September, compared to August reading of $46.5 billion and the expected $45.0 billion.

Initial jobless claims dropped from 459k to 435k last week. The decline was bigger than the expected 451k.

Export and import prices increased in October. Import prise rose 0.9% after declining 0.1% in September. The increase was below a median forecast of 1.1% advance. Export prices posted a third consecutive increase, rising 0.8% in October after it advanced 0.6% a month earlier.

Crude oil inventories decreased by 3.3 million barrels and total motor gasoline inventories decreased by 1.9 million barrels last week.

Treasury budget posted a deficit of $140.4 billion in October. That’s compared to the previous reading of $34.5 billion deficit and the median forecast of $151.5 billion deficit.

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

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