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Germany’s President Resignation Drives EUR/USD Down

June 1, 2010 by Vladimir Vyun

EUR/USD currency pair is heading down today after Germany’s president unexpectedly resigned, giving another reason for doubts about strength of the European economy and weakening the euro. On the other hand, the problems with the oil spill in the Gulf of Mexico are weighting on the U.S. economy still, which may show its influence on the U.S. currency in the future. EUR/USD trades currently near 1.2249.

ISM PMI indicator (manufacturing sector survey) registered a growth of 59.7%, compared to April’s reading of 60.4%. The market participants expected decline to 59.3%.

Total construction spending unexpectedly increased by 2.7% in April, an astounding jump compared to the revised march reading of 0.4% and analysts’ expectations of decline to 0.1%

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

2 Responses to “Germany’s President Resignation Drives EUR/USD Down”

  1. David

    I imagine the EUR/USD will continue to fail until all the trouble Euro economy’s sort their debt problems out.

    Reply

  2. Calvin Miller

    I predict EURO will rebound and sharp at coming weeks, EURO zone’s crisis is going to end, also US give out its helping hands

    EURO will back to 1.30 – 1.35 or above

    Reply

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