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Thursday, December 29th
The EUR/USD pair has failed markets’ expectations of staying quiet in the holiday season. Yesterday the main currency pair fell for more than a cent refreshing its weekly lows at 1.0372 handle as fresh wave of buying interest around the greenback approached the market. However, the major has recovered most part of its losses and now is trading around the mid-point of 1.04 level, consolidating its previous gains. Pair’s recovery is mostly explained by retreat of the US dollar vs. basket of its major competitors on the back of poor data from US housing market seen yesterday. Moreover, intensifying risk-off moods are also supporting the euro providing extra legs to pair’s recovery. Only second-tier data are scheduled in event calendar for this Thursday, so the pair will continue to trace US dollar’s price dynamics during this day.
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