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EUR/USD Starts Bullish in 2010 as Risk Appetite Surges

January 4, 2010 by Jan Baros

The EUR/USD currency pair started this year with a strongly bullish pattern as commodities and stocks rallied worldwide, declining attractiveness for the greenback. The crude oil traded above $80 a barrel and traders opted for riskier bets to start 2010, affecting the dollar negatively in a day were no events influenced significantly the sentiment for the European single currency. At the moment EUR/USD continues its advance at 1.4411 despite a better than expected manufacturing report in the U.S.

ISM PMI Index advanced to 55.9 in December from a previous reading of 53.6 in November and above forecasts which expected this index to be at 54.1 for the past month.

Total construction spending posted a slight decline of -0.6% in November from a previous revised reading of -0.5% in October. Forecasts expected a less impacting decline at -0.4%.

Initial jobless claims published last week surprised traders positively at 432k from a previous revised reading of 454k, and a lower, therefore more positive actual figures than forecasts which suggested an increase to 460k for this report.

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

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