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Dollar Grows as Existing Home Sales Drop

September 24, 2008 (Last updated on January 9, 2013) by

EUR/USD remained almost unchanged today after the yesterday’s slight correction. The currency pair was in the uptrend for the most part of the day but started to fall after the important economic reports came out today in U.S. It failed to reach the yesterday’s open level and is now trading near 1.4671 rate.

Existing home sales in August dropped to 4.91 million units annual rate — down from 5.02 (upwardly revised from 5.00) million units in July. The market analysts expected this rate to go down to 4.95 million.

Crude oil inventories declined another time last week — they dropped 1.5 million barrels after losing more than 6.3 million barrels a week before. U.S. crude oil inventories still remain in the lower half of the average range for this time of year.

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