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by ForexNewsNow Team on August 13, 2010

Dollar extends 5-day rally against euro after UoM data

NEW YORK (Forex News Now) – The dollar extended at 5-day rally against the euro on Friday, after a report showed that U.S. consumer sentiment climbed more than expected in August.

In European afternoon currency trading, EUR/USD struck 1.2816, down 0.1 percent on the day.

The University of Michigan said earlier that its preliminary Consumer Sentiment index rose to 69.6 during the month, up from 67.8 in July. Analysts had expected the closely watched index to rise to 69.4 in August, two global forex news outlets reported.

According to forex analysis, EUR/USD was likely to touch immediate support around the low of July 21, 1.2732, and encounter resistance around Thursday’s high, 1.2932.

The euro’s losses came despite the release of upbeat GDP data from Europe earlier in the day.

Official data showed that the euro zone economy grew 1 percent in the second quarter, well above market expectations, with Germany’s performance more than offsetting a sharp decline in Greece and slow growth in Spain and Italy.

Elsewhere, the euro fell versus sterling: EUR/GBP traded at 0.821, down 0.32 percent.

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