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EUR/USD Slides to New Monthly Lows

August 15, 2008 by

EUR/USD declined to its new minimum level since February 20 — 1.4700. Although it’s currently trading significantly above that level (at 1.4743), there’s a little doubt regarding further trend direction of this currency pair.

According to a report that was released today NY Empire State index rose to 2.8 in August compared to -4.9 in July. It was expected to decline to -5.0.

Net foreign purchases of the long-term U.S. securities declined in June — from $83.2 billion (revised down from $67 billion) to $53.4 billion. It appeared below $57.5 billion median forecast.

Industrial production gained 0.2% in July after 0.5% increase in June. It was expected to remain unchanged. Capacity utilization rose from 79.8% (revised down from 79.9%) to 79.9%, while average forecast was 79.8%.

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