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EUR/USD Down on Home Sales, Dubai Optimism

December 1, 2009 by Jan Baros

The EUR/USD currency pair gained today as risk appetite increased after the Dubai debt delay is likely to be solved with the help of the U.A.E. central bank as well as pending home sales in the U.S. unexpectedly rose, bringing optimism and appeal to risk as the United States real estate sector shows signs of improvement. Currently EUR/USD trades at 1.5092, a significant rise from the past hour as optimism declines attractiveness for the greenback.

ISM PMI Index declined to 53.6% in November from a previous reading of 55.7% in October. Below forecasts that suggest a less significant decline to 54.8%.

Pending home sales index rose to 114.1 in October from 110.0 in the previous month, an increase of 3.7% from a previous growth of 6.0% in the past month and very far from estimates that suggested a decline of 0.4%.

Total construction spending remained neutral in October from a previous reading of -1.6% in September (revised). Analysts forecast a decline of 0.4% for this report.

Chicago PMI, published yesterday, increased to 56.1 in November from a previous reading of 54.2 in the previous month, surprising expectations positively, since they suggested a decline to 53.4.

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

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