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EUR/USD Trades Near Opening Level After Reaching 2-Month High

July 16, 2010 by

EUR/USD extended its rally at the start of today’s trading session and reached highest level since May 5, but paired its gains and currently trades near the opening level. It may yet rebound as today’s report suggested that confidence of U.S. consumers fell significantly. EUR/USD trades near 1.2938 now.

Seasonally adjusted CPI rate declined 0.1% in June, while Forex traders expected it to remain at the same level. In May decline was 0.2%.

Preliminary Michigan Consumer Sentiment indicated a significant decline to 66.5 in July from 76.0 in the month earlier. Forecasts were wrong, expecting much smaller drop to 74.2.

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

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