EUR/USD Rebounds After Yesterday’s Drop

EUR/USD rose a little today after falling significantly yesterday. Today’s trading session opened with the bearish sentiment and the currency pair managed to reach the lowest value since last Wednesday but later the rate began to rise. Fundamental reports from U.S. were better than the analysts expected, so that played in the euro’s favor as traders felt less obliged to buy «safe» dollar. EUR/USD is now trading near 1.3066.
S&P/Case-Shiller Home Price Index, which measures the housing prices in 20 American states, went out with -18.63% decline for February 2009 compared to the February 2008. January’s decline was at 19% and market participants expected 18.8% drop from today’s report.
Consumer confidence rose unexpectedly in April — from 26.9 to 36.2. The forecasts said that the confidence will increase to 28.8.

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