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EUR/USD Down, Attempts to Rebound

November 21, 2011 (Last updated on January 10, 2013) by

EUR/USD was sharply down today at the start of the trading session, but later the decline stopped and currently the currency pair attempts to go higher. The political situation in Europe isn’t good for the euro as Spain became yet another country that lost government because of its inability to resolve the debt issues. Yet the situation in the United States is not much better as politics aren’t able to agree about spending cuts necessary to reduce the budget deficit, therefore the dollar may also be in danger, but for now the greenback profits from the “safe haven” play.

Existing home sales rose to 4.97 million in October from the downwardly revised 4.90 million in September, while a decrease to 4.82 million was predicted by market analysts.

On Friday, the report on leading indicators was released, showing an increase by 0.9% in October. It came out better than the expected result of 0.5% and September reading of 0.1%.

EUR/USD-2011-11-21

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