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EUR/USD Propels on Improved Macroeconomics

July 1, 2009 by Andriy Moraru

The euro rose against the dollar today as some important economic indicators in U.S. showed a recovery from the global crisis, while only construction spending report showed a negative dynamics. EUR/USD is now trading near 1.4171 — the highest value since June 5.

ADP employment report for June showed a decrease by 473k jobs during that month, but that was considered a positive signal since it was less than 485k decline demonstrated in May (positively revised from 532k drop). According to the consensus forecast, jobs were expected to fall by 394k in June.

Construction spending fell in May by 0.9% after rising by 0.6% a month earlier. It was expected to decrease by only 0.6%.

ISM manufacturing index advanced from 42.8% to 44.8% in June — slightly higher than the forecast suggested (44%).

Pending home sales index rose for the fourth consecutive month in U.S. and gained 0.1% in May, following 3.3% gain in April.

U.S. crude oil inventories continued to fall last week and decreased by 3.7 million barrels.

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