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Fourth Day of Negative Rally on EUR/USD

October 28, 2009 by

Higher oil inventories combined with the decrease of new home sales in the United States helped the U.S. dollar move forward against the European currency for the fourth day in a row today. EUR/USD is currently trading near 1.4752.

Durable goods orders was the only positive report today that showed a growth by 1% in September compared to August. A month ago 2.6% decline was reported. The median forecast for this indicator’s growth was also 1%.

New home sales decreased from 417k to 402k seasonally adjusted annual rate in September. A growth to 440k was expected by the investors.

Crude oil inventories increased by 0.8 million barrels last week. Total motor gasoline inventories added 1.7 million barrels during the same period and are once again above the upper limit of the average range.

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

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