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EUR/USD Up on Anticipation of Higher Interest Rates

April 6, 2011 by

EUR/USD rallied today on forecast that the European Central Bank will raise its minimum bid rate from 1% to 1.25% tomorrow. There is not much macroeconomic data from the US this week. The ISM services report yesterday was rather disappointing. EUR/USD currently trades near 1.4328, the highest level since January 2010.

Crude oil inventories increased by 2.0 million barrels, while total motor gasoline inventories decreased by 0.4 million barrels last week. (Event A on the chart.)

Yesterday, a report on ISM services was released, showing a reading of 57.3 percent in March, while it was expected to change little from 59.7 in February. (Not shown on the chart.)

EURUSD for 2011-04-06

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