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Tuesday, November 28, 2006

EUR/USD: Paulson Upbeat on Economy, Advocates Strong USD

EUR/USD dipped momentarily on comments from Treasury Secretary Paulson that a strong USD is "clearly" in the US's interests and on comments about the economy moving toward a sustainable growth rate amid rising wages and growing payrolls. EUR/USD dipped to the 1.3155 area on the headline before drifting back up to the 1.3160s.

US housing data are next up for the market at 15:00 GMT. The market is aching for a poor figure to trash the USD further. A dip of 0.4% in existing home sales is expected.

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