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EUR/USD Grows on Consumer Sentiment, Ignores Housing

September 25, 2009 by

EUR/USD went up slightly at the Forex market today as the traders are unsure whether it’s a good idea to go for a full-scale correction after months of growth. The currency pair was in a consolidation during the early trading session but then went into a green zone after the traders began to react on the positive consumer sentiment report, ignoring the worse than expected data on new home sales in United States. EUR/USD is now trading near 1.4705.

Durable goods orders unexpectedly decreased by 2.4% in August after rising by 4.8% in July. The forecast change for this indicator was positive at 0.1%.

Michigan University consumer sentiment index rose from 65.7 to 73.5 in September — the highest level since early 2008. The expected value was at 70.2 for this index.

The new home sales report continued the cause started by the yesterday disappointing existing home sales report. The seasonally adjusted annual rate of the new home sales was at 429k in August — up from 426k in July (revised down from 433k) but below the average forecast of 440k.

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

2 Responses to “EUR/USD Grows on Consumer Sentiment, Ignores Housing”

  1. Atosark

    What’s about the traders ignoring important fundamental data?


    Andrei Reply:

    Atosark, what do you mean?


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