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EUR/USD Jumps to More than Two-Month Record

February 24, 2012 by

EUR/USD rallied today, reaching the highest level since December 5, as positive sentiment caused by the bailout for Greece remained on the Forex market. Germany’s gross domestic product rose on an annual basis last quarter (event A on the chart), though fell from the quarter before, adding to positive outlook about the eurozone. It has been also a good day from the United State point of view as the housing market continued to expand and consumer sentiment improved.

Michigan Sentiment Index was at 75.3 in February, slightly above the January reading of 75.0. The difference from the preliminary estimate of 72.5 was bigger than the predicted 72.8. The improvement of sentiment was caused largely by positive developments in the jobs market. (Event B on the chart.)

New home sales were at a seasonally adjusted annual rate of 321k in January. That’s below the revised December rate of 324k (revised up from 307k), but above the median estimate of 316k. (Event B on the chart.)

EUR/USD for 2012-02-24

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