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Week of Strong Bullish Rally for EUR/USD

September 11, 2009 by

EUR/USD was rising every single trading day this week despite rather poor dynamics of the U.S. macroeconomic indicators. We received a series of important reports this week and they mostly failed to support the dollar. EUR/USD is now trading near 1.4591 after opening at 1.4304 on Monday.

U.S. export and import prices report for August was released today. Import prices gained 2% compared to July after decreasing by 0.7%. They were expected to go up by 1%. Export prices were up by 0.7% after being down by 0.3% in July.

Wholesale inventories decreased by 1.4% in July in U.S. after 2.1% drop in June. The forecasts by the analysts projected a drop by 1%.

Other important reports this week included:

U.S. consumer credit was down by $21.6 billion in July after decreasing by $10.3 billion during the previous month. This indicator suggests a strong deterioration of the U.S. consumer sentiment.

Commercial crude oil inventories declined by 5.9 million barrels last week in the United States, meanwhile, total motor gasoline inventories rose by 2.1 million barrels. Nevertheless, the inventories are above the upper boundary of the average range for this time of year.

U.S. trade balance deficit reached $32 billion in the month of July — up from $27.5 billion in June. Forecasted value of the deficit was near $27.3 billion for July.

Initial jobless claims were down from 576k to 550k last week — even better than the median estimate of 560k.

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

One Response to “Week of Strong Bullish Rally for EUR/USD”

  1. George Alarcon

    I think the overall “economic climate” is less than favorable. The above figures are very relative and consumers in mass are responding to this economic state of affairs by spending less and choosing rather to save.

    Reply

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