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EUR/USD Posts Biggest Weekly Gain in Years

December 11, 2008 by

EUR/USD gained today at the same pace as on Monday and now the currency pair is showing its biggest weekly gain on record. The stock market optimism removed the risk-averting mood from the markets and the euro is gaining over the U.S. dollar, despite the fundamental indicators that signal a strong recession in the United States. EUR/USD is trading near 1.3229 level now.

Export and import prices both posted a considerable decline in the month of November — by 3.2% and 6.7% respectively. This decline follows October’s fall by 2.0% and 5.4% respectively.

In October U.S. trade balance deficit increased to $57.2 billion from $56.6 billion in September (revised up from $56.5 billion) as the exports declined faster than the imports. The average forecast for the October trade deficit was at $53.5 billion.

Initial jobless claims jumped up unexpectedly from 515k to 573k last week. They were expected to go up to 525k from the preliminary value of 509k a week before.

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