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EUR/USD Down on Greek Discussion Stalemate

January 24, 2012 (Last updated on January 10, 2013) by

EUR/USD was down today as talks about reducing Greek debt ended in a stalemate. Private creditors demand 4 percent interest rates, while Greece asked for less than 3 percent. The negative outcome of the discussion may result in a new wave of risk aversion on the Forex market. US data again was positive for the dollar as the housing market continued to improve and manufacturing expanded more than was previously estimated.

Richmond Fed manufacturing index was at 12 in January, two times the forecast figure of 6 and four times the December reading of 3. (Event A on the chart.)

On Friday, a report on existing home sales was released, showing an increase from 4.39 million (revised from 4.42 million) in November to 4.61 million in December, compared to the average forecast of 4.65 million. (Not shown on the chart.)

EUR/USD for 2012-01-24

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