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EUR/USD Swings, May Decline as US Home Market Improves

September 2, 2010 by

The euro was declining at this Forex session against the dollar, than surged and now falling again. Values of jobless claims and nonfarm productivity in the US were near forecasts, but pending home sales presented a pleasant surprise for traders, growing significantly. On the other hand, factory orders rose less than expected. EUR/USD trades near 1.2824 now after it reached the daily low of 1.2777 and high of 1.2846.

US initial jobless claims went down from 478k to 472 last week. The actual figure was somewhat better than predicted 476k.

Nonfarm productivity decreased at a 1.8% annual rate during the second quarter of 2010, compared to the previous reading of 0.9%. The actual figure was near forecast (-1.9%).

Pending home sales index rose 5.2% in July after it slipped 2.8% in June. The reading positively surprised the analysts who expected a decline by 1.3%.

Factory orders increased 0.1% in July, following two consecutive monthly decreases, including 0.6% (revised from 1.2%) decrease in June. The actual figure was nevertheless lower that expected 0.4% increase.

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

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