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Rebound in EUR/USD after Housing Data Release

June 16, 2009 by

EUR/USD rose today after the yesterday’s deep fall. It’s still trading below the Monday’s open level but managed to recover more than a half of its loss. Good housing statistics from U.S. made Forex traders to bet against the dollar in favor of the high-yielding currencies. EUR/USD is now trading near 1.3882.

Building permits rose from the seasonally-adjusted annual rate of 498k to 518k in May on 508k forecast. Housing starts rose from 454k to 532k in May on 485k forecast.

Producer Price Index (PPI) increased by 0.2% in May, following 0.3% gain in April and 0.6% forecast.

Industrial production in U.S. decreased by 1.1% in May after falling by 0.7% in April (revised negatively from 0.5% fall). Expected decline was 1%. Capacity utilization reached its new record minimum level at 68.3% (down from 69% in April).

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