Forex Trading News – US existing home sales drops in April, USD falls

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Forex Market News - Euro continues to struggle as debt talks are seen in pesimistic focusThe dollar fell against the Euro and erased gains against the Yen after news of a slump in an index of business conditions in the U.S. Mid-Atlantic region, namely the Philadelphia Fed Manufacturing Survey.

The index fell a whopping 14.6 points from 18.5 down to 3.9, much worse than the predicted 20 points.

At the same time, the US existing home sales report was released down for the month of April from the expected 5.10m to 5.05m, despite the expected 5.20m.

The Euro rose a day high to 1.4287 after the data from 1.4261 just before. Against the yen, the dollar erased all prior gains, falling to 81.75 from 82.05 before the data.