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EUR/USD Rises as Economy Recovers

December 30, 2010 (Last updated on January 10, 2013) by

EUR/USD rose today as signs of global economic recovery caused the shift of an investors’ attention from safe currencies, like the dollar, to riskier ones. Economic data suggested that economy of the US also recovers as all of today’s reports were positive and better than expected. EUR/USD trades now at 1.3281.

Initial jobless claims decreased to 388k last week from the previous week’s revised figure of 422k. The decreased was bigger than analysts expected, who promised a decrease to only 416k.

Chicago PMI indicator rose from 62.5 to 68.6 in December, the highest level since July 1988, instead of declining to 61.2 as was expected. Rising production and improving employment helped the indicator to rise.

Pending home sales rose 3.5% in November, following a downwardly revised growth by 10.1% in October. An increase by 1.8% was predicted by experts.

Crude oil inventories decreased by 1.3 million barrels from the previous week, while total motor gasoline inventories decreased by 2.3 million barrels last week.

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