The U. S. dollar rose against euro at a fastest pace since early 2004 today. Although, the growth is mainly attributed to the euros weakness, caused by they commantery made by ECB President Jean-Claude Trichet yesterday, the dollar has also a surge of power, rising against all other major currencies today. EUR/USD lost 270 pips already and is now trading near 1.5016 — level not seen since February.
Productivity in the nonfarm business sector of the U.S. economy rose by 2.2% in the second quarter of 2008. It failed to meet the 2.5% growth forecast and came in below 2.6% growth in previous quarter.
Wholesale inventories increased by 1.1% in June — above the expected 0.6% increase. In May they rose 0.8%.
