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EUR/USD Rises above the Friday Open Level

August 21, 2008 by

Dollar declined today against the euro, allowing EUR/USD currency pair to rise above the last Friday’s open level. Currently it is trading near 1.4863 — 58 pips above Friday’s open. The decline was most probably caused by the investors’ concerns related to the U.S. financial market.

Initial jobless claims decreased from 445k to 432k last week in the United States — that’s below the median forecast 438k.

Leading indicators showed a more than expected declined posting a -0.7% change in July after 0.1% decline in June and 0.3% decline forecast for this month.

Philadelphia Fed index improved in August. It rose from -16.3 back in July to -12.7 this month. This growth exceeds the average estimate according to which the index should have risen to -13.4 only. Despite the growth it still remains at a very low negative level and is signaling a slowdown of the U.S. economy.

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