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Sometimes, there are just more buyers than sellers!

The EUR moved higher on Tuesday North American trading reaching a high of 1.3200, before settling back to the 1.3180 level at the day’s close.

The move in EUR was surprising considering that data was released that that should have strengthened the USD. The German ZEW survey release this morning gave further confirmation that investors feel uneasy about the economic development in that country, which is the leading Euro zone nation.

And in the US, housing starts were quite upbeat and dismissed worries that the US housing recovery is coming to an end.

So after being risk averse on Monday, traders developed an insatiable appetite for risk on Tuesday. The DOW closed at 14,756.78. up 157.58. Once again we are hearing tests of 15,000 by the week’s end.

The British Pound, the Australian Dollar and the Canadian Dollar all strengthened against the US dollar. We will see if there is follow through tonight in the Asian market.

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Matthew Lifson

Matthew Lifson

Matthew Lifson is a Foreign Exchange Trader and a Market Analyst. with Cambridge Mercantile Group.