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EUR/USD Falls as PMI & Consumer Confidence Improve

November 30, 2010 by

EUR/USD today extended its decline to the lowest level since September, though currently recovered somewhat, on concerns about European sovereign-debt crisis and as US economy shows signs of recovery. The recovery is followed by improvement of consumer confidence. Tomorrow we’ll see if the recovery helped to increase the number of employed persons in the US. EUR/USD trades currently near 1.3021 after it reached the intraday low of 1.2969.

S&P/Case-Shiller home price index continued to decline in a month-to-month comparison in September 2010 and is now standing at 145.47 (seasonally adjusted) compared to 146.64 reported for August. Compared to September 2009 the index was higher by 0.55%. The currency traders expected to see 1.2% increase.

Chicago PMI indicator advanced from 60.6 to 62.5 in November, the highest level since April and a fourteenth month of increases. Forex traders expected a decline to 60.1.

Consumer confidence increased to 54.1 in November up from 49.9 in October. A growth to 52.7 was expected.

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

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