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EUR/USD Erases Gains Even After Agreement Was Reached

November 27, 2012 by

EUR/USD dropped today, erasing its previous gain, even after the talks about the Greek bailout have ended with success. Fears that the indebted country may leave the eurozone added to worries about the attempts of Catalonia to gain independence from Spain. In contrast, the news from the United States was positive, including growing manufacturing and improving consumer sentiment.

Durable goods orders were almost unchanged in October, while market analysts have expected them to fall by 0.6%. The September increase was revised down from 9.9% to 9.2%. (Event A on the chart.)

S&P/Case-Shiller home price index rose 3.0% in September from a year ago, a little more than was forecast by experts (2.9%). The August increase was 2.0%. The index was at 143.15 in September, rising from August’s 142.59. (Event B on the chart.)

Richmond Fed manufacturing index climbed to 9 in November from the October’s reading of −7. The predict figure was -2. (Event C on the chart.)

Consumer confidence rose to 73.7 in November from 73.1 in October. Analysts have expected no change. (Event C on the chart.)

EUR/USD for 2012-11-27

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