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

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.

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  1. DOE data will be released @ 11:00 ET

  2. Oil and products went negative, CL -1.02 when I checked R/T price a minute of two ago.

  3. 15:00
    Inventories (DOE U.S.): Crude Oil out at -1898K vs. 450K exp; Gasoline out at -1037K vs. -1300K exp; Distillate out at -413K vs. 1000K exp; Refinery Utilization out at 1.40% vs. 0.20% exp

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