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Foreign Exchange Daily News Thursday 29th November, 2012

We have seen the recent upside in the sterling is losing momentum at the moment, retracing ground from overnight highs in the vicinity of 1.6020 after the Nationwide Housing Prices have contracted 1.2% on a year through November, missing estimates at -0.9%

It has been reported that Confidence among the U.S. consumers soared to the highest level since February 2008 this month, a sign U.S. household spending will keep gaining momentum. The Conference Board’s said its index of consumer confidence climbed to 73.7 in November, from a revised 73.1 reading in the prior month and above analysts’ expectations of an increase to 73.0.

The average price change for all goods and services purchased by households in Germany fell in November, affected by the Eurozone’s debt crisis, the state’s statistics office in Dusseldorf said Wednesday. The inflation rate in country’ most populous state remained at 1.9%, while consumer prices fell 0.1%.

The Aussie dollar is grinding lower on Thursday, navigating in the 1.0450/60 region after hitting 1.0480 overnight on better domestic data. In fact, New Home Sales rose 3.4% during October, up from September’s contraction of 3.7%. Private Capital Expenditure rose 2.8% during the third quarter below the previous 3.4%.

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