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Small Correction in EUR/USD on Low Personal Income

August 4, 2009 by

EUR/USD pair showed a technical small correction after three days of growth (two of which were extremely strong). The euro reacted to the decrease of the personal income in United States. After reaching its highest level since mid-December, EUR/USD is now trading near 1.4388.

Personal income decreased by 1.3% in U.S. in June after the same gain in May. The forecasts showed -1.0% change for the reported month. Personal spending rose by 0.4%, following 0.1% gain in May. Traders expected an increase by 0.2%.

Pending home sales index rose by 3.6% in June after 0.1% increase in May. The growth significantly exceeded 0.7% forecast.

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