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Major Correction Wave Detected on EUR/USD

September 12, 2008 by

Dollar lost its gaining pace yesterday, but today a real correction came to the Forex market. Whether it’s a pure technical retracement or this movement has some fundamental basement, dollar has gained enough during the last month and can now retreat without leaving the long-term upward trend. EUR/USD is currently trading near 1.4101 level.

Producer price index declined by 0.9% compared to the previous month in August. This declined followed 1.2% gain in July and exceed the average estimate of -0.5%.

Advance retail sales for August lost 0.3% after 0.5% decline in June (revised down from 0.1% decline) and estimated gain of 0.2%.

U.S. business inventories rose by 1.1% in July — above the 0.8% gain in June and 0.5% forecasted growth.

One Response to “Major Correction Wave Detected on EUR/USD”

  1. Thomas

    Thanks for the info!

    Reply

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