EURUSD rose yesterday and closed at 1.2729. The United States dollar lost ground against its European counterpart after the Core Durable Goods Orders dropped -0.2 percent on a monthly basis in September. The Durable Goods Orders also recorded a drop of -1.3 percent on a monthly basis in September. However part of the losses were capped after the CB Consumer Confidence in the largest economy in the world hit a 7-year high level of 94.5 in October.
The ECB Executive Board member Peter Praet stated that the risk of deflation in the Eurozone remain limited and assured that the economy would not face any new financial crisis situation again.
Investors are now looking forward for the FOMC Statement and the Federal Funds rate due from the United States later today.
Support for the EURUSD is seen at 1.2658 and resistance is seen at 1.2750.
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EURUSD reversed its gains and consolidates ahead of the FOMC Statement
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