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Forex pairs in this Article » EUR/USD, GBP/USD, USD/JPY (San Francisco) - The Greenback started the day trading higher against its major competitors but a mix of weaker than expected housing data and Fed's Bullard saying that the FOMC need not be ‘in any hurry’ to taper QE hurt the USD, fueled short covering movements.

The EUR/USD recovered from 1.3330 area to test the 1.3400 area and close the week at 1.3375. The Euro is wrapping up its sixth positive week in the last seven. The USD/JPY declined from 2-week highs at 99.11 to close almost flat on the day at 98.65.

The USD/CAD was rejected by the highest level since July 9 at 1.0567 and the pair declined to the 1.0500 area. The AUD/USD traded higher for second day and extended gains to the 0.9050. The Gold rallied 1.9% to test the $1,400 resistance.

The Sterling was the only major that traded negative against the Dollar. The Cable was unable to reverse all initial losses and after a initial recovery from 1.5540, the GBP/USD was rejected at 1.5595. Now the pair is closing the week at 1.5565.

Main headlines in the American Session:

US: New home sales fall 13.4% in July

EMU: Consumer confidence reaches 2-year high

Wall Street rises on drop in Housing; The Dow recovered the 15,000 mark
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