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EUR/USD Stops Falling Higher Oil

December 9, 2009 by

The dollar stopped growing against the euro today as the Forex market reacted on the growth of the oil price with the decrease of the inventories. The rising U.S. stock markets also helped EUR/USD to recover. The currency pair is now trading near 1.4747 after falling as low as 1.4667 intraday.

Wholesale inventories increased by 0.3% in October, following 0.8% drop a month earlier (revised from 0.9% drop). The indicator was expected to decrease by 0.5%.

U.S. crude oil inventories lost 3.8 million barrels last week. During the same week, the total motor gasoline inventories gained 2.2 million barrels. Both are still above the upper limit of the average range for this time of year.

This Monday a report on consumer credit was released for the month of October. Total credit amount decreased by $3.5 billion, which is better than $8.8 billion drop in September (revised positively from $14.8 drop). The average forecast was at $9.4 billion decline.

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

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