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EUR/USD Rises for Second Day

January 10, 2012 by

EUR/USD advanced for the second day today as German Chancellor Angela Merkel meets with the head of the International Monetary Fund in Berlin today, following the meeting with the French President yesterday. The meetings spurred risk appetite among investors, deterring pessimist from continuing sell-off. In the meantime, the US economy continued to show signs of recovery.

Wholesale inventories rose only 0.1% in November, compared to the October figure of 1.2% (revised down from 1.6%). Analysts expected an increase by 0.5%. (Event A on the chart.)

Yesterday, a report on consumer credit was released, showing an increase by $20.4 billion in November. That’s compared to the median forecast of $7.1 billion and the October reading of $6.0 billion (revised from $7.6 billion). (Not shown on the chart.)

EUR/USD for 2012-01-10

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