Forex: EUR/USD – US mortgage applications data supports USD

on Jun 12, 2013

Since the beginning of the European session today, EUR/USD has been falling slowly from the three-and-a-half month high at 1.3335 hit earlier in the day.

EUR/USD has reached a daily low of 1.3271 so far today.
After US Mortgage Bankers Association released its weekly update on mortgage applications at 12:00 BST, the US dollar has been strengthening against other majors.
The data indicated improvement, with MBA Mortgage Applications having risen by 0.5 percent in the week ended June 7, compared with a 11.5 percent decline in the previous week. The latest reading has been accepted as slightly positive and there is need for stronger US data to help the USD to rebound from its recent weakness.
At 19:00 BST today the US Financial Management Service Office is expected to release its Monthly Budget Statement – a summary of accounting reports of Federal entities, disbursing officers, and Federal Reserve Bank reports.

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