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EUR/USD Rises as US Economy Performs Worse Than Expected

November 17, 2010 by

EUR/USD pared its losses today as economic reports from the US continues to be worse than economists predicted. The currency pair still may decline in the near future as experts from the International Monetary Fund and the European Union prepares to scan books of Ireland’s debt-laden banks. EUR/USD currently trades near 1.3549.

Building permits were at seasonally adjusted annual rate of 550k in October, above the revised rate of 547k in September and frustrating forecasts that suggested a value of 570k. Housing starts in October were at a seasonally adjusted annual rate of 519k, lower than the revised September reading of 588k and below the expected value of 590k.

The Consumer Price Index (CPI) increased 0.2% in October on a seasonally adjusted basis, compared to an increase of 0.1% in the previous month. Forecast missed actual figure, promising a growth by 0.3%.

US crude oil inventories decreased by 7.3 million barrels and total motor gasoline inventories decreased by 2.7 million barrels last week. Both are above the upper limit of the average range for this time of year.

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

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