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EUR/USD Falls Steadily as Economic Conditions Worsen in U.S.

January 29, 2009 by

EUR/USD posted a rather deep decline today after showing some weak drops during the previous two days. The  U. S. macroeconomic reports from the employment, industrial and housing sectors were all negative today. EUR/USD is now trading near 1.2976 after opening at 1.3150.

Durable goods orders decreased by 2.6%, while the consensus forecast for the decline was at 2%. More than that, the last month decline was revised more than twice from 1.5% to 3.7%.

Initial jobless claims grew from 585k (revised down from 589k) to 588k last week. The market participants expected them to decline to about 575k.

The new home sales declined to the annual rate of 331k in U.S. in December. They fell from 388k reported for November (revised down from 407k) and are below the 400k estimate.

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