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Euro Tries to Regain Yesterday Loss

January 17, 2008 (Last updated on December 3, 2009) by

Euro tries to reclaim the pips it lost yesterday during one of the strongest falls of the recent days. Yesterday EUR/USD lost 152 pips or more than 1% of its rate. Today only a small recovering is seen with no more than 30 pips trailback, which can be easily accounted to the technical correction. Overall picture of the EUR/USD daily chart more and more reassembles the “head and shoulders” pattern. Some average fundamental data were released today and are not currently affecting the dollar.

Housing data from U.S. was disappointing today. Building permits in December fell by a larger extent than it was expected going down 1,162,000 to 1,068,000. Meanwhile the housing starts for the same month dropped to 1,006,000 from 1,173,000 (revised from 1,187,000).

Initial jobless claims fell down by 21,000 and were at just 301,000 last week, while growth from 322,000 to 335,000 was expected by the market analysts.

Philadelphia Federal Reserve’s business activity index in January unexpectedly fell to -20.9, the lowest value since the October 2001, when it fell down after 9/11 attacks.

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