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EUR/USD Regains Strength

March 11, 2011 by

EUR/USD regained some strength after it dropped earlier today as the earthquake in Japan spurred Forex traders to buy safer currencies. We had reports of the growing retail sales and business inventories in the US. Consumer sentiment was rather worse than expected. EUR/USD trades now at 1.3835.

Advance estimates of US retail sales for February showed an increase of 1.0% from the previous month, when the sales rose 0.7%. The expected value was 0.8%. (Event A on the chart.)

Preliminary estimate of Michigan Sentiment Index showed a decrease from 77.5 to 68.2, compared to the median forecast of 77.0. (Event B on the chart.)

Business inventories posted an increase by 0.9% in January from December, that’s compared to the previous reading of 1.1% and the growth by 0.6% predicted by analysts. (Event B on the chart.)

EURUSD for 2011-03-11

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