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EUR/USD Corrects Up Before Holidays

December 21, 2007 (Last updated on February 26, 2016) by

EUR/USD played back fully the yesterday’s decline, but still ended the last week before the holiday period with a small loss. Forex market will be open despite of any holidays, but the price volatility will be low and no major movements can be expected.

November personal income and spendings report turned out to be better than it was for October and not the least reason for it lies in the pre-holiday sales period. Personal income growth of 0.4% failed to meet the 0.5% expectation, but personal spendings grew up 1.1% which is a lot better than 0.7% forecast. Core PCE inflation, as forecast showed, remained at the same level as in October — 0.2%.

Michigan sentiment index for December was revised from 74.5 to 75.5, which is still below the previous the October’s 76.1 value. The consensus among the analysts was that the value be left at 74.5.

Overall, these news are positive for dollar, that might make FOMC think twice before lowering the interest rates further.

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