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EUR/USD Trades Near Opening Level, Reports from US are Good

October 29, 2010 by

EUR/USD slowly returns to its opening level after it dropped sharply after discussion of EU leaders about measures to prevent debt crises renewed concerns about, well you guess it, debt crisis. Advance GDP report showed the value for the third quarter, which was better than for the second quarter, even though slightly below forecasts. Other reports also were rather beneficial. EUR/USD trades now at 1.3922 after it slumped earlier to the intraday low of 1.3807.

Advance GDP report for the third quarter of 2010 showed a growth at an annual rate of 2.0%, which is above the revised Q2 growth of 1.7%, but below the forecast growth of 2.1%.

Chicago PMI indicator rose from 60.4 in September to 60.6 in October. Forex traders expected a decline to 58.1.

University of Michigan revised its consumer sentiment index from 67.9 to 67.7 in October. Analysts predicted an advance to 68.2.

Yesterday, a report on initial jobless claims was released, showing a decrease from 455k to 434k last week.

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

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