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EUR/USD Fails to Rally on Disappointing US Housing Data

February 24, 2017 (Last updated on February 25, 2017) by

EUR/USD rallied today but has lost all its gains by now. The currency pair attempted to rally after the US new home sales missed expectations, but the rally was extremely short-lived.

New home sales were at the seasonally adjusted annual rate of 555k in January. The reading was higher than the previous month’s 535k but lower than the average forecast of 575k.

Michigan Sentiment Index slipped from 98.5 in January to 96.3 in February according to the revised estimate. Still, it was above the analysts’ consensus prediction of 96.1 and the preliminary reading of 95.7.

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