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EUR/USD Erases Losses Ahead of European Ministers’ Meeting

November 20, 2012 by

EUR/USD was soft today, but managed to erase losses as European finance ministers prepare to meet for a discussion of the Greek bailout, improving confidence among investors. The news from the United States was also risk-positive, suggesting that the housing market is improving.

Housing starts were at the seasonally adjusted rate of 894k in October, above the September rate of 863k and analysts’ expectations of 840k. Building permits were at the seasonally adjusted level of 866k last month, in line with predictions and below the previous month’s 890k. (Event A on the chart.)

Yesterday, a report on existing home sales was released, showing that the sales were at the seasonally adjusted annual rate of 4.79 million in October, near the forecast of 4.76 million, rising from the downwardly revised 4.69 million (was 4.75 million before the revision) in September. (Not shown on the chart.)

EUR/USD for 2012-11-20

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