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EUR/USD Rises on Bernanke Dovish Statements

February 24, 2010 by

After the dollar gained in the beginning of the week as the U.S. economy provided traders with more optimism than in the Eurozone, the greenback slid today as Federal Reserve Chairman Ben Bernanke said that low borrowing costs shall remain in the country as long as the economy need them to surge, declining appeal for the dollar in forex markets. At the moment, the EUR/USD currency pair is at 1.3581.

New home sales declined for another month reaching 309k in January, from a previous revised reading of 348k in December. Forecasts were completely wrong expecting an advance to 354k new home sales.

U.S. crude oil inventories increased by 3.0 million barrels from the previous week. At 337.5 million barrels, crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 0.9 million barrels last week, and are above the upper limit of the average range.

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