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EUR/USD Reaches Record Low on Greece Debt Struggle

December 17, 2009 by

After Greece, an European Union member which adopted the euro since it was introduced, had a downgrade on its credit rating by Standard & Poor’s for the second time this year, the EUR/USD currency pair dropped to the lowest level in three months, as it signaled that not all bloc members are as resilient as Germany, declining attractiveness for the euro in currency markets. Currently EUR/USD is falling at 1.4358.

Initial jobless claims reached 480k last week from a previous revised reading of 473k. Actual figures frustrated forecasts that suggested a drop of claims to 466k.

Philadelphia Fed index improved significantly and reached 20.4 in December, more than forecasts that suggested a value of 16.2 and higher from the previous month were it reached 16.7.

Leading indicators index increased 0.9% in November from a reading of 0.3% in the previous month. The current figures came better than forecasts that suggested an increase of 0.8%.

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

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