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EUR/USD Slightly Up, Still Below Week Open

November 20, 2008 by

EUR/USD rose slightly today after some strong volatility that it showed yesterday. Overall it still remains in the red zone this week. The released indicators are still very pessimistic for the U.S. dollar. But they rarely matter in the current global financial conditions. EUR/USD is currently trading near 1.2493.

Initial jobless claims rose from 515,000 to 542,000 last week, setting a new record level since 1992. They were expected to go down to 504,000.

Leading indicators of the U.S. economy decreased by 0.8% in October after rising by 0.3% a month before. Although, the forecasts were also quite pessimistic (-0.6%), the release had some surprise for the traders in it.

Philadelphia Fed index dropped from -37.5 to -39.3 in November. The market analysts expected it to correct slightly — to -35.0.

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