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EUR/USD Advances for Second Day, Trims Gains

December 27, 2012 (Last updated on December 29, 2012) by

EUR/USD climbed for the second day today on improving French consumer sentiment and Italian business confidence, as well as on falling US jobless claims. The currency pair dropped sharply after the data showed that US consumer confidence declined more than expected and new home sales were below predictions. Currently, the euro is just barely hanging above the opening level.

Initial jobless claims dropped from 362k to 350k last week instead of rising to 365k as was expected by analysts. (Event A on the chart.)

Consumer confidence dropped from 71.5 in November to 65.1 in December. The drop was much bigger than the anticipated fall to 70.3. (Event B on the chart.)

New home sales were at the seasonally adjusted annual rate of 377k, below the market expectations of 382k. The October reading was revised negatively from 368k to 361k. (Event B on the chart.)

EUR/USD for 2012-12-27

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