EUR/USD pares gains after U.S. consumer confidence data

ForexNewsNow | Published on July 27, 2010 at 9:33 am

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global forex fx trader forex tips EURNEW YORK (Forex News Now) – The euro pared gains versus the dollar on Tuesday, retreating from an 11-week high, after a weak report on U.S. consumer confidence sapped FX traders’ risk appetite.

In U.S. afternoon currency trading, EUR/USD hit 1.2997, up 0.03 percent on the day, after falling from 1.3046, its highest since May 10.

Data from a business research firm showed earlier that U.S. consumer confidence has deteriorated more than expected in July.

The Conference Board said its consumer confidence index fell to 50.4 points during the month, down from 54.3 in June. Analysts had expected July’s figure to come in at 51, two global forex news outlets reported.

According to forex analysis, EUR/USD was likely to touch support around the low of July 21, 1.2732, and encounter immediate resistance around the high of May 10, 1.3094.

The euro’s earlier gains came after a raft of upbeat data on consumer confidence and import prices in Germany, and on M3 money supply.

Meanwhile, the single currency fell versus sterling: EUR/GBP traded at 0.8356, down 0.4 percent.



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