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U.S. Dollar Continues to on Fall Weak News

June 17, 2008 by

EUR/USD went up today but it failed to reach the yesterday’s gain or to go above the Thursday’s open level. The economic news from U.S. were weak except the Producer Price Index indicator, which benefit for the dollar’s appreciation is debatable.

PPI in May rose 1.4%, while core PPI gained 0.2% during the same period. The forecast values were 1.0% and 0.2% respectively. May increase followed 0.2% and 0.4% increase in April.

Housing starts and building permits were both down in May — at 975k and 969k annualized rate respectively, down from 1,008k and 982k in April. Housing starts were forecasted to come out at 980k, while building permits were expected to go down to 960k.

Industrial production fell 0.2% in May after 0.7% decline in April, missing 0.1% growth median forecast. Capacity utilization fell from 79.7% to 79.4%, while it was expected to remain unchanged in May.

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