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EUR/USD Crawls Back to Friday’s Closing

March 28, 2011 (Last updated on January 10, 2013) by

EUR/USD opened this week a way below the close of previous week and was gradually rising to the closing level of last Friday over this session. The euro may feel pressure as Portugal’s government collapsed after the Parliament refused to accept the austerity budget. The macroeconomic data from the US was positive today, especially the news from the housing market. The strong growth of the previously-built houses supported the opinion that the negative reports of the previous months were caused by the bad weather. EUR/USD trades currently at 1.4096.

Personal income and spending of the US citizens rose in February. The 0.3% growth of income was below expected 0.5%, while the 0.7% increase of the spending was above the forecast value of 0.6%. In January income rose by 1.2% and spending rose by 0.3%. (Event A on the chart.)

Pending home sales index rose 2.1% in February, while it dropped in January. Forex traders expected a decline by 0.5%. (Event B on the chart.)

EURUSD for 2011-03-28

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