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EUR/USD Up on Negative U.S. Housing Data

December 23, 2009 by

Finally a change in the EUR/USD currency pair trend was perceived today after a frustrating new home sales report, that came much below forecasts and declining attractiveness for assets in the U.S., after the dollar gained for several straight days versus the euro. After the report, the euro entered an uptrend versus the greenback and currently trades at 1.4335.

Personal income increased 0.4% in November, while personal spending rose slightly more at 0.5%. The actual figures came within estimates range as personal income was expected at 0.4% and spending at 0.6%. In October, income rose 0.3% and spending 0.6% based on revised estimates. Core PCE Inflation was at 0 the last month.

New home sales declined to 335k on its seasonally adjusted annual rate for the month of November, much below forecasts that suggested 442k units sold, and also below the revised value of 400k in October.

U.S. crude oil inventories decreased by 4.9 million barrels from the previous week. Total motor gasoline inventories decreased by 0.9 million barrels last week. Both remained above the upper limit of the average range.

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

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