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EUR/USD Trading Mostly Sideways Before FOMC Meeting Day

August 4, 2008 by

EUR/USD is little changed today even as some important statistical indicators are released in U.S., because traders are waiting for the FOMC interest rate policy statement that is scheduled for tomorrow. The currency pair opened at 1.5574 and is currently trading near 1.5603.

Personal income rose 0.1% in June after 1.8% (revised down from 1.9%) growth in May. The consensus forecast for June was a 0.1% decline. Personal spendings increased 0.6% after 0.8% growth in May and 0.7% growth forecast for June.

New factory orders in June increased by 1.7% following 0.9% increase in May. Market strategists predicted a 0.7% growth for that month.

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