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EUR/USD Down on Slow U.S. Growth Concern

November 24, 2009 (Last updated on January 10, 2013) by

The EUR/USD currency pair was rising considerably after falling yesterday but did not manage to sustain its near to $1.50 level as U.S. gross domestic product data declined significantly from the past quarter, bringing risk aversion back to markets and favoring refuge currencies, specially the yen. At the moment, EUR/USD is at 1.4941.

U.S. GDP figures increased at annualized rate of 2.8% according to the second estimate by the Bureau of Economic Analysis. A declined from the past reading at 3.5% but in a level that forecasts predicted correctly.

Richmond Fed manufacturing index decreased from October when it was at 7 to a current level in November of 1. Forecasts were frustrated as most of analysts suggested this index to be at 9 this month.

S&P/Case-Shiller home price index decreased at a seasonally adjusted rate of 9.4% in September. In the monthly prospective it rose from 144.57 (revised) in September to 144.96 in October.

Consumer confidence rose slightly to 49.5 in November from 48.7(revised) in October. Forecasts fail to predict a rise, suggesting this index to be at 47.3.

Existing home sales surprised traders positively yesterday posting a seasonally adjusted annual rate of 6.10 million, up from 5.54 million in the past month and more than forecasts suggested at 5.70 million.

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