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EUR/USD Erases Gains as US GDP Grows

December 22, 2010 (Last updated on January 10, 2013) by

EUR/USD rose today, but later erased gains as reports showed growth of gross domestic product and existing home sales. The readings were lower than analysts forecast, though. EUR/USD trades now at 1.3086 after jumping to the intraday high of 1.3180.

US GDP increased at an annual rate of 2.6% in the third quarter of 2010. That’s higher than growth in the third quarter of 2009 and the previous estimate (1.7% and 2.5% respectively), but below analysts’ prediction of 2.8% increase.

Existing home sales rose from a seasonally adjusted annual rate of 4.43 million in October to 4.68 million in November. Experts predicted an increase to 4.72 million.

Crude oil inventories decreased by 5.3 million barrels from the previous week. Total motor gasoline inventories increased by 2.4 million barrels last week.

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

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