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by ForexNewsNow Team on October 29th, 2010

EUR/USD consolidates losses after euro zone CPI, jobs data

EUR USD analysis - Euro zone CPI releasedNEW YORK (Forex News Now) – The euro’s decline against the U.S. dollar stalled on Friday, after official data showed that consumer price inflation in the euro zone rose more than forecast in October.

In European morning currency market trading, EUR/USD hit 1.3831, down 0.71 percent on the day, after rising from a daily low of 1.3814.

The EU statistics agency said earlier that its Consumer Price Index for the euro zone rose 1.9 percent year-on-year in October, up from 1.8 percent in September. Analysts had expected consumer price inflation to actually slow to 1.7 percent in October, two major online FX trading news outlets reported.

According to EUR USD analysis, EUR/USD was likely to touch immediate support around the low of Oct. 20, 1.3698, and encounter short-term resistance around the high of Oct. 15, 1.4158.

Eurostat also revised down the euro zone’s unemployment rate for August, from 10.1 percent to 10 percent. However, it reported that the rate came in at 10.1 percent in September, as expected.

FX traders, meanwhile, awaited key third quarter data on the United States’ gross domestic product, the primary measure of the country’s overall economic output.

Elsewhere, the single currency fell versus sterling: EUR/GBP traded at 0.8699, down 0.42 percent, according to intraday analysis.

By ForexNewsNow Team

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