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EUR/USD Flat on Uneventful Monday

With no important news, EUR/USD was trading mostly in a range. Both the dollar and the euro had their own factors that were limiting their chances to rally. The greenback suffered from uncertainty about the tax reform bill, while the currency of the eurozone was hurt by speculations that the European Central Bank is not in a hurry to remove monetary stimulus.

Treasury budget turned from a surplus of $8.0 billion in September to a deficit of $63.2 billion in October. It is compared to the forecast shortage of $58.2 billion. (Event A on the chart.)

On Friday, a report on Michigan Sentiment Index was released, showing a drop from 100.7 in October to 97.8 in November according to the revised reading. It was far below the average forecast 100.8 and the preliminary estimate of 100.7. (Not shown on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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EUR/USD dropped today as almost all reports released in the United States over the trading session were good. The signs that the voting for the final version of the US tax reform bill may happen as soon as the next week also drove the currency pair down.

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