Event risks out of the way, EUR/USD resumes its slide

Author: Forexlive | Category: News

Author: Forexlive

Most of the news events of the day are out of the way with only jobless claims working against the greenback. Upbeat worker productivity data, a fairly downcast take on the European economy from Trichet and an improved service sector of the US economy are all helping underpin the greenback. EUR/USD has fallen as far as 1.4425 before stabilizing, working through strong bids in the 1.4435/40 area.

EUR/JPY has come under renewed pressure in the wake of the data with soft US equities perhaps contributing.

Oil inventories data is seen as a bit flukey this week owing to the hurricane (and the WSJ story questioning the validity of the data in general). They are due at 10:30. Oil is firm today as the weather map shows a conga line of hurricanes working their way across the Atlantic.