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26 Jun 2013
Flash: US data provide further evidence of continuing recovery - Investec
FXstreet.com (Barcelona) - Lee McDarby, Corporate Treasury analyst at Investec notes that stronger US data yesterday provided further evidence of a continuing economic recovery with higher home prices and new home sales at a five year high buoying consumer sentiment.
He adds that overnight the dollar strengthened to push gold prices to almost a three year low with the greenback being well brought against both the Euro and Sterling, despite this morning’s better than expected German Consumer Confidence number. He writes, “One pair bucking the trend is USD/JPY where the pair has given back gains, after briefly breaking through the 98.00 level, oh how the discussions of the magical 100.00 figure seem but a distant memory.”
He adds that overnight the dollar strengthened to push gold prices to almost a three year low with the greenback being well brought against both the Euro and Sterling, despite this morning’s better than expected German Consumer Confidence number. He writes, “One pair bucking the trend is USD/JPY where the pair has given back gains, after briefly breaking through the 98.00 level, oh how the discussions of the magical 100.00 figure seem but a distant memory.”