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EUR/USD Edges Higher on US Housing Data

October 27, 2014 by

EUR/USD rose today as US housing data trailed expectations, damping bets on an early interest rate hike from the Federal Reserve. The currency pair also advanced after the stress-test of European banks that provided relatively positive results.

Pending home sales rose 0.3% in September, trailing market expectations of 1.1%. Sales were down 1.0% in the previous month. (Event A on the chart.)

On Friday (October 24) a report on new home sales was released, showing that sales were at the seasonally adjusted annual rate of 467k in September, almost unchanged from the revised August level. The median analysts’ estimate was at 473k. (Not shown on the chart.)

EUR/USD for 2014-10-28

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