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EUR/USD Update and S&P 500 Has Best 3-Day Rally Since January on Economy



Good day forex traders and readers.

The EUR/USD currently remains bearish despite the recovering sentiments as seen in the US equities markets. The markets were basically trampled by US Federal Reserve Ben Bernanke’s dovish suggestion of tapering quantitative easing and despite the other US Federal Reserve officials attempt to ease the upheaval, the EUR/USD remains unimpressed. 1.3000 / 1.2980 would be a crucial support.

In the meanwhile Bloomberg reports the S&P 500 rally. :

U.S. stocks rose, sending the Standard & Poor’s 500 Index to its biggest three-day rally since January, as consumer spending and sales of existing homes jumped while jobless claims declined.

All 10 industries in the S&P 500 advanced. ConAgra Foods Inc. jumped 4.7 percent after fourth-quarter earnings topped forecasts. Paychex Inc. fell 3.7 percent after the payrolls manager reported earnings that missed analysts’ estimates.

The S&P 500 advanced 1 percent to 1,619.05 at 10:32 a.m. in New York. The Dow Jones Industrial Average rose 155.89 points, or 1.1 percent, to 15,066.03. Trading of S&P 500 companies was 12 percent below the 30-day average at this time of day.

“The data continues to show that the economy is growing at a very slow pace and that unemployment is improving at a very slow pace,” Oliver Pursche , co-manager of the GMG Defensive Beta Fund and president of Suffern, New York-based Gary Goldberg Financial Services, said in a phone interview. The firm manages about $650 million. “It means the likelihood that the Federal Reserve changing course on its monetary policy this year is very low and that further solidifies the case that last week’s correction was emotionally driven and an overreaction.”

The S&P 500 has rallied 2.9 percent over the past three days, the most since Jan. 3. The index dropped more than 5 percent from May 21 through June 24 as the Fed said it may reduce its bond purchases if the economy and labor market improve as forecast. The benchmark gauge is headed for a 0.8 percent retreat in June, which would end a streak of seven monthly advances, the longest run since September 2009. Bull Market

Central bank stimulus has helped fuel a rally in stocks worldwide, with the benchmark U.S. index surging as much as 147 […]

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