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EUR/USD Down on Concerns for Europe’s Economy

October 4, 2010 by

The euro fell versus the dollar today after a strong rally last week. The currency slowed its declined for now, but trades way below its last week’s highs and today’s opening level. Concerns for Europe’s economy should be a main reason for this decline as there was not much data from the US today and it was mixed. EUR/USD trades now at 1.3708 after it reached 1.3783 last week, the highest level since March.

US pending home sales have increased for the second consecutive month, rising 4.3% in August. A previous reading was 4.5% and an expected value was 2.8 percent.

Factory orders decreased 0.5% in August, while in July they increased by 0.5%. A median forecast was 0.3 percent decline.

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

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