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EUR/USD Down for the First Day in Three

January 28, 2013 by

EUR/USD retreated today after the two-day rally. The faster-than-expected growth of US durable goods orders increased traders’ confidence in the economy and the currency of the United States. At the same time, economists are worried that the report later this week may show an increase of the eurozone unemployment rate to the record 11.9%. Such worries weakened the euro.

Durable goods orders grew as much as 4.6% in December, beating the analysts’ forecast of 1.8%. The November growth was 0.8%. (Event A on the chart.)

Pending home sales dropped 4.3% in December from November, when they went up 1.6%. Experts have promised an increase by 0.5%. Still, the sales remained in an uptrend on an annual basis. (Event B on the chart.)

On Friday, a report on new home sales was released, showing that the sales were at the seasonally adjusted annual rate of 369k, below the forecast value of 387k and the November rate of 398k (revised from 377k). (Not show on the chart.)

EUR/USD for 2013-01-28

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