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EUR/USD Rebounds, Still in Danger

November 29, 2012 by

EUR/USD rebounded today, erasing yesterday’s losses, but is declining as of now. The data from Europe was mixed, while the economic reports from the United States were all positive. Unemployment claims fell and the housing market looked good, relieving concerns caused by yesterday’s data. The economic growth in the third quarter of this year was a bit slower than expected, but still far above the second quarter’s rate of expansion.

US GDP expanded 2.7% in third quarter of 2012, according to the second (preliminary) estimate, in line with the forecast of 2.8%, while the first (advance) estimate was 2.0%. Growth in Q2 was 1.3%. (Event A on the chart.)

Initial jobless claims were at the seasonally adjusted rate of 393k last week, matching market expectations of 392k. The previous reading was revised from 410k to 416k. (Event A on the chart.)

Pending home sales rose 5.2% in October. That is much above the expected growth by 0.9% and the September figure of 0.4%. (Event B on the chart.)

EUR/USD for 2012-11-29

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