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EUR/USD Remains Weak

November 28, 2012 by

EUR/USD stayed weak today as traders remained dissatisfied with the Greek bailout program. The news from the United States added to the pessimism as the US housing market demonstrated an unexpected decline.

New home sales were at the seasonally adjusted annual rate of 368k in October, little changed from the September rate, which was revised from 389k to 369k. The median forecast was 387k. (Event A on the chart.)

Crude oil inventories decreased by 0.3 million barrels last week and are well above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 3.9 million barrels and are in the lower half of the average range. (Event B on the chart.)

EUR/USD for 2012-11-28

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