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EUR/USD Rebounds on Hopes for EU Summit

July 19, 2011 by

EUR/USD pared losses today as Greek Finance Minister Evangelos Venizelos suggested that agreement among the European leaders on a way out of the debt crisis is “attainable”. The European Union politicians will meet in Brussels on July 21. The report on the US housing market was quite positive today and tomorrow’s report is also expected to show a robust recovery of the market. EUR/USD trades now at 1.4140.

Housing starts and building permits rose in June. Housing starts were at a seasonally adjusted rate of 629k, compared to the revised May rate of 549k. Building permit increased to 624k from the revised 609k in May. (Event A on the chart.)

Yesterday, a report on net foreign purchases was released, showing a decrease to $23.6 billion in May from $30.6 billion in the month before. (Not shown on the chart.)

EUR/USD for 2011-07-19

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