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EUR/USD Erases Losses on US Economic Growth

October 26, 2012 by

Accelerating economic growth in the United States continued to support positive outlook among Forex traders, allowing EUR/USD to rebound. Earlier, the currency pair dropped after Spanish unemployment reached a record as every fourth Spain’s citizen was without job.

According to the advance estimate, US GDP grew as much as 2.0% in the third quarter of 2012, matching forecasts, after it rose 1.3% in the second quarter. (Event A on the chart.)

Michigan Sentiment Index was at 82.6 in October, in line with market expectations, according to the revised estimate. The reading was below the preliminary figure of 83.1, but above the September estimate of 78.3. (Event B on the chart.)

EUR/USD for 2012-10-26

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