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EUR/USD Rises Above Opening Level on Lower Optimism in U.S.

May 17, 2010 by

EUR/USD trades higher than the opening level after it tumbled earlier today. Though an outlook for an economic activity in the U.S. remains favorable, the level of optimism significantly fell. Yet significant increase of net long-term securities transactions signals that the dollar may resume its appreciation. EUR/USD trades currently at 1.2390.

N.Y. Empire State Manufacturing index noticeably dropped to 19.1 from April figure of 31.9. The report should disappoint analysts as it was far worse than an expected decline to only 30.1. The report says that conditions for manufacturers continue to improve albeit at a slower pace.

Net long-term purchases of the U.S. securities by the foreign investors unexpectedly jumped to $140.5 billion in March from April reading of $47.1 billion, while economists expected an increase to only $50.5 billion.

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

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