EUR/USD Rallies on Better US Fundamentals and New from EZ

The US dollar dropped against the euro today. It was falling during the early trading session but it declined even farther when the macroeconomic reports were released in the United States. The euro also benefited from the good news from Eurozone suggesting that the financial authorities will strengthen their counteraction against the debt turmoil. EUR/USD is now trading near 1.3439.
NY Empire State manufacturing index rose from 9.89 (revised negatively from 10.57) to 11.92 in January. Despite the fact of the growth, it wasn’t a very good news, as the median forecast for this report was at 12.50.
Net foreign purchases of the long-term US securities went up from $28.9 billion to $85.1 billion in November 2010. That’s more than twice higher than the average forecast of $40.0 billion for that month.

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