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EUR/USD Rebounds as Demand for Safety Wanes

November 24, 2010 by

EUR/USD rebounded today from an initial decline on speculation that yesterday’s drop was overdone and as demand for a safety waned. Today we had a day rich on a macroeconomic data ahead of holidays. There will be no more economic reports this week. EUR/USD trades now at 1.3375.

Initial jobless claims decreased to 407k last week from the previous week’s revised figure of 441k. The expected value was 434k.

Durable goods orders dropped by 3.3% in the US in October, following an increase by 5.0% a month earlier. The traders expected a growth by 0.2%.

Personal income rose by 0.5% in October from a previous revised value, which was near zero in September, and above forecasts that suggested a rise by 0.4%. Personal spending advanced by 0.4% from a previous reading of 0.3%, while forecasts expected a growth by 0.5%.

University of Michigan sentiment index in its final revision rose to 76.1 in November, while expected value was at 69.5. The indicator was reported at 67.7 in October.

New home sales fell from 308k to 283k in October, while the expected value was at 311k.

Crude oil inventories increased by 1.0 million barrels from the previous week. Total motor gasoline inventories increased by 1.9 million barrels last week. Both are above the upper limit of the average range for this
time of year.

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

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