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EUR/USD Corrects After Setting Local High

March 30, 2010 by

EUR/USD declined significantly after it has set a new highest level in more than a week today. It looks like the positive consumer confidence and home price dynamics have helped the U.S. dollar to recover. EUR/USD is now trading near 1.3411 after rising as high as 1.3536 earlier.

S&P/Case-Shiller home price index in its seasonally adjust value for 20 U.S. cities went up to 146.32 in January. It was down by 0.69% compared to January 2009 and up by 0.32% compared to the previous month. The median forecast value for this real estate indicator was at the same level as the actual release.

Consumer confidence index went up from 46.0 to 52.5 March. It was above the expected value of 51.0.

Yesterday, a report on personal income and spending for February was released in U.S. It showed a growth of spending by 0.3%, following 0.4% growth in January; the income remained at the same level after 0.3% growth in January. The indicators were expected to rise by 0.3% and 0.1% respectively.

If you have any comments on the recent EUR/USD action, please, reply using the form below.

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