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EUR/USD Surges Despite Debt Concerns

August 17, 2011 by

EUR/USD managed to jump today even after yesterday European leaders failed to reach agreement about measures to battle the debt crisis. The rally wasn’t caused by news from the US as there was not much US economic data today and what the released data was positive for the US anyway.

PPI rose 0.2% in July, seasonally adjusted, following the 0.4% decrease in June. Market participants expected no change. (Event A on the chart.)

Crude oil inventories increased by 4.2 million barrels from the previous week and are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 3.5 million barrels last week and are in the upper limit of the average range. (Event B on the chart.)

EUR/USD for 2011-08-17

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