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EUR/USD Drops While U.S. Manufacturing & Home Sales Grows

May 26, 2010 by

EUR/USD currency pair extended its decline as U.S. economy recovers with renewed fervor. Increasing number of durable goods orders signals about expanding production, while rising house sales prove that U.S. consumers regained their confidence. EUR/USD trades currently near 1.2236.

Durable goods orders showed a significant increase by 2.9%, compared to a zero growth (revised from 1.3% decline) in the previous month. This reading is noticeably better than forecasted growth by 1.4%

New home sales rose from 439k in March to 504k in April. Experts were pleasantly surprised as they expected drop to 425k.

Crude oil inventories increased by 2.4 million barrels from the previous week. Total motor gasoline inventories decreased by 0.2 million barrels last week, and are above the upper limit of the average range.

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

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