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COZfx: Euro vs. US Dollar trading near 11-month lows

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COZfx: Euro vs. US Dollar trading near 11-month lows

Postby dwang » Tue Aug 26, 2014 2:49 am

COZforex: The euro continued to trade near 11-month lows against the US dollar on Monday, as markets shrugged off data showing that US new home sales data rise far less than expected last month.

EUR/USD hit 1.3184 amid US morning trade, the pair's lowest since September; the pair subsequently consolidated at 1.3202, shedding 0.29%. COZFX strategist Nigel Boynton said, EUR/USD was likely to find support at 1.3105 and resistance at 1.3297, Friday's high.

In a report, the US Commerce Department said new home sales dropped by 2.4% to 412,000 units last month, compared to expectations for an increase of 5.7% to 430,000.

Earlier Monday, the German research institute Ifo said its Business Climate Index dropped to a more than 1 year low of 106.3 this month, below forecasts for 107.0 and down from a reading of 108.0 in July.

The weak data dampened optimism over the health of the euro zone’s largest economy.

The single currency had also weakened after European Central Bank President Mario Draghi said on Friday that the central bank is ready to take more unconventional action if needed to stimulate a sluggish euro zone economy.

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