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Latest Forex Market Analysis by ForexHound.com

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The EUR USD opened the New York Session sharply higher following the release of better than expected economic reports out from France and Germany. The reports showed surprise improvements in French manufacturing and German services. This news set the table for a spike to the upside until Fed Chairman Bernanke declared that the U.S. economy was on the verge of emerging from the recession. His statement sent equity markets and the Dollar soaring putting downside pressure on the Euro.

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EUR/USD Pops Above 8/13 Highs after Positive PMI Dat

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The EUR/USD is making a solid move higher past 8/13-8/14 highs after the wave of PMI data came in above analyst expectations. In fact, a couple PMI data points are registering expansion (50+) while the rest are making a strong case to do the same. Such positive improvements in data tend to have a larger impact on the EUR/USD than the GBP/USD since the ECB’s interest rate remains at 1%. The growth in PMI mirrors the expansion we saw in the EU’s Economic Sentiment data released earlier this week. Hence, the EU is making a good case for returning to GDP growth in H2. The EUR/USD is reacting accordingly, knocking on the door of our readjusted 2nd tier downtrend line.
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Euro Manages to Hold on to its Gains - Forexhound

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The EUR USD managed to hold on to its overnight gains despite bullish comments from Fed Chairman Bernanke that boosted the U. S. Dollar. Early in today’s trading session the Euro rallied sharply higher following the release of better than expected economic reports from France and Germany. The reports unexpectedly showed improvements in French manufacturing and German services. The Euro was trading firm at the New York opening but positive comments from Bernanke regarding the recovery in the global economic community helped the U. S. Dollar improve, thereby limiting gains in the Euro.
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GBP/USD Stares Down 8/13 Highs After Positive EU and U.S. Data

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The Cable is moving higher after EU PMI and U. S. Existing Home Sales data surpassed analyst expectations. The S&P futures are setting new 2009 highs while the EUR/USD tests some important technical barriers to the topside. However, the GBP/USD is only participating partially since investors are still sour about the level of debt in Britain.
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GBP/USD Stares Down 8/13 Highs After Positive EU and U.S. Data

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The Cable is moving higher after EU PMI and U. S. Existing Home Sales data surpassed analyst expectations. The S&P futures are setting new 2009 highs while the EUR/USD tests some important technical barriers to the topside. However, the GBP/USD is only participating partially since investors are still sour about the level of debt in Britain.
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GBP/USD Stares Down 8/13 Highs After Positive EU and U.S. Data

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The Cable is moving higher after EU PMI and U. S. Existing Home Sales data surpassed analyst expectations. The S&P futures are setting new 2009 highs while the EUR/USD tests some important technical barriers to the topside. However, the GBP/USD is only participating partially since investors are still sour about the level of debt in Britain.
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Gold Darts Past $950/oz in the Wake of Positive Data

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The EUR/USD broke out to the upside after positive PMI data, and gold responded. The precious metal rode past our 3rd tier uptrend and 2nd tier downtrend lines on its way to $950/oz. However, Gold’s rally is pausing after better than expected U. S. Existing Home Sales data caused the Dollar to appreciate. Gold is not quite sure which direction to head in with the Dollar appreciating and the S&P futures setting fresh 2009 highs.
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Hence, the precious metal is in a correlative flux. Regardless, today’s movement is certainly positive and shows gold is still in a medium-term uptrend despite recent weakness. That being said, the precious metal must deal with a couple strong technical obstacles to the topside.
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USD/JPY Bumps Higher after U.S. Existing Home Sales Data

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Investors are biting on the USD/JPY after U. S. Existing Home Sales beat analyst expectations. The USD/JPY’s about face shows the level of uncertainty surrounding the viability of the Dollar. Investors are suddenly more comfortable buying the Dollar after a series of positive global economic data. However, the USD/JPY still clearly faces significant downward pressure, and it will take more than one session of data to turn things around.
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